Insight: Brazil steel touts Bolsonaro despite controversy

The Brazilian steel, metals and mining sectors expect an upturn in investments in the country in second-half 2019 following inauguration of a new government which aims to end a period of institutionalized corruption. Representatives of industry associations and the mining sector talked up the prospects of economic recovery under incoming president Jair Bolsonaro last week in Rio de Janeiro, but bumps in the road may remain, from a tricky trade relationship with China to the high cost of financing. “A new economic cycle is now beginning,” said Marino Garofani, president of the Brazilian association of metallic construction, ABCEM. “The new government has a new posture of compliance.” The ABCEM president nonetheless notes that while an economic upturn is widely expected, it is still too early to see “concrete plans” that would actually guarantee this. President-elect Jair Bolsonaro of the Social Liberal Party, known for his support of national conservatism and sometimes compared to US President Donald Trump, is due to take office January 1. In spite of the former army captain’s sometimes controversial views on women, gays and the environment, Brazil’s business community in the main applauds his pro-market policies and his attempts to break with recent corrupt practices in… continue reading

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Source: CTRM Center

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