U.S. Capacity Utilization was 79.9% in March, up 0.5% month on month (m/m). On a year on year (y/y) comparison, the capacity utilization was a modest +5.0%.

Mexico Capacity Utilization was 85.4% in March, up 3.64% month on month (m/m). On a year on year (y/y) comparison, the capacity utilization was down +5.3%.

Canada Capacity Utilization was 82.0% in March, flat quarter on quarter (q/q). On a year on year (y/y) comparison, the capacity utilization was a modest +0.3%.

Figure 1 charts capacity utilization from 2019 to present. Capacity utilization and production picked up at the beginning of the year as is typical for January and February.

At Gerdau we regularly monitor the USMCA capacity utilization data issued by the Federal Reserve because it provides excellent insight into the health of USMCA activity.