Venezuelan Steel Plan will Hike Domestic Production 40%

  • Thursday, February 12, 2009
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  • Keywords:steel
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Venezuela's newly announced National Strategic Steel Plan will increase Sidor Steel's production to 7 million mt/year from 5 million mt/year and lead to the setup of a new steel plant that will produce an additional 1.4 million mt, the Bolivarian News Agency, said Tuesday.
 
This will make Venezuela a medium-sized steel producer in global terms, Association of Metallurgical and Mining Industrialists of Venezuela president, Eduardo Garmendia, told the agency. He ramp up will reduce the country's steel export volume, resulting in currency savings, while expanding the domestic metal-mechanics industry, he added.
 
Iron production will increase 36% under the plan, Garmendia noted, to 30 million mt/year from 22 million mt/year. –Platts
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