DRI price strength to continue in '05, exec says

Nov 09, 2004 | 08:37 AM | Frank Haflich

Two years ago, market conditions weren't helping Angel Barreto pay off the $156-million debt carried by Complejo Siderurgio de Guyana CA (Comsigua).

Despite Comsigua's very competitive cash costs of around $100 a ton, merchant prices for Venezuelan hot-briquetted iron (HBI) had fallen to just $78 a tonne f.o.b. in the fourth quarter of 2002. Today, with costs that Barreto, Comsigua's president, says are similar to those of two years ago, f.o.b. prices for direct-reduced iron (DRI) are well over three times what they were in late 2002 and Comsigua is shipping at a rate....

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