Argentina's Minister of Economy, Luis Caputo, announced the approval of the first industrial project under the Incentive Regime for Large Investments (RIGI). The local steel producer Sidersa will invest US$286 million to construct a new steel mill in San Nicolás.

This investment, initially announced in June 2022, was delayed until the new government's investment framework was in place. It will be the first steel mill built in Argentina in over 50 years, creating more than 300 direct and 4,000 indirect jobs.

The new steel plant aims to produce 360,000 tons of construction iron annually, supporting national industry and exports. It will also incorporate advanced technology to reduce carbon dioxide emissions by one-third compared to conventional technologies. This project is also expected to boost sector investment and contribute to import substitution.