Investment

World investment 10 all mineral and mining industry sectors is not available. However, partial information available provides some information useful for analysis. Information available in this section covers limited geographic information on investment in the steel industry, limited information for petroleum industry capital spending, and total U.S. foreign investment in comparison to the mineral-related sectors (tables 13, 14, and 15). Annual steel industry investment is available for the European Community, almost all countries within the European Free Trade Association (EFTA), Latin America, and other countries with significant mineral industries, such as Canada, Japan, and the United States. Although information was not available for 1992, data for 1991 indicate that for those countries aforementioned, total investment increased by 8 %. However, investment patterns were very different within the different groups of countries. While the European Community had a net increase of 12 %, dominated by an almost °40 % increase in Germany, EFTA member countries had a 26 % decrease in investment for the same period. Investment in EC countries was almost seven times that of EFT A countries. Japan's investment in the iron and steel industry, by far the largest of those available, almost twice that of the EC and almost four times that of the United States, increased by more than 20 %. In North America, investment in Canada and the United States decreased. Almost all of Latin America decreased investment in the sector. The notable exception was Mexico, with a 60 % increase. Changes in Mexico's investment policies of the recent past, its economic growth, and privatization of its iron and steel industry are some of the reasons for such an increase. The other country covered individually in Latin America, where investment in the iron and steel industry increased, although slightly, was Argentina. This limited information does not allow a comprehensive analysis of global industry trend, which in turn impacts many other mineral commodities, and with the transition in many countries within Europe and Central Eurasia that are now effecting the steel industries of the countries that were members of the U.S.S.R. and its CMEA partners, it is most regrettable that comprehensive and comparable data, both current and historic, on investment in this area are not available.