What's wrong with this picture? Nothing private capital won't help

Nov 04, 2005 | 05:14 AM | Diana Kinch

The Venezuelan state will support the construction of a 1.5-million-tonne-per-year long and flat-rolled products mill and a 275,000-tonne seamless tube plant to further its strategy of reducing steel imports, a government official said last week.

Victor Alvarez, Venezuela's basic industry and mining minister, told attendees on the second day of the Latin American Iron and Steel Institute (Ilafa) annual meeting in Caracas that the projects lack sufficient private-sector support and urged them to consider investing in Venezuela.

The 1.5-million-tonne steelmaking project has already received government approval. CVG Ferrominera Orinoco CA (FMO), owned by state holding company Corporación Venezolana de Guayana, will hold a 51-percent interest, with the rest owned by private investors. So far, only Italian plantmaker Danieli & C. SpA has been identified as a partner.....

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