Ferrocarriles Metropolitanos S.A. (also known for its acronym FEMESA) was a company set up by the Argentine government in 1991, during the presidency of Carlos Menem, to oversee the privatisation of commuter rail services within the city of Buenos Aires in Argentina.

[2] FEMESA was created in 1991 to take over commuter rail services that had been operated by state-owned Ferrocarriles Argentinos (FA).

The company was established as a transitional entity until those services were granted as concessions to private operators.

[4][5][1] In 1994, FEMESA granted concessions to Metropolitano which, through three subsidiary companies, took over the operation of services on the Línea San Martín, Línea Roca and Belgrano Sur Line in Buenos Aires previously operated by the state-owned San Martín, Roca and Belgrano Railway divisions, respectively.

In spite of Metropolitano receiving large government subsidies, its services deteriorated to a point where, by 2007, the three concessions had all been revoked and their operation was taken over by the consortium Unidad de Gestión Operativa Ferroviaria de Emergencia (UGOFE).