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During the FA era, the Argentine railway system featured its maximum extension, being the biggest in Latin America , with over 45,000 kilometers of railways. However, under the Military Junta of the '' Proceso '' ( 19761983 ) and the following democratic Alfonsín administration, FA entered a recessive period that ended with its total Privatization in 1992 , as part of Menem 's Neoliberal reforms.

In 1991 it was divided, with the Buenos Aires metropolitan services being grouped in Ferrocarriles Metropolitanos S. A. (FEMESA). The major Freight line, the ''Belgrano Cargas'', was keep by the state until it was given to the railway workers' Trade Union , the Unión Ferroviaria . The second biggest line, the ''Mitre Cargas'', was granted by concession in December 1992 to Nuevo Central Argentino S. A. (NCA).