Uncertainty surrounds briquette companies due to nationalization delay - Venezuela
Uncertainty surrounds briquette companies due to nationalization delay - Venezuela
Saturday, November 21, 2009
(BNamericas.com) - Venezuelan briquette producers Matesi, Comsigua, Orinoco Iron and Venprecar, which are all in the process of being nationalized, are still waiting to find out what the government's official agenda for the process will be.
"The technical commissions for appraising each of the companies still haven't been created and this appraisal should have been completed within 60 days," a Comsigua executive told BNamericas.
According to the executive, the time limit is up and although an extension is possible the companies have not received any word from the government on the issue.
LACK OF INVESTMENT
For now briquette plants continue production at reduced capacity since companies cannot access credit or make investments due to the uncertainty of the nationalization and with no answers coming from the government.
However, in late October deputy minister of basic industries and mining (Mibam) Iván Hernández told BNamericas that the nationalization process would be completed by year-end.
"We are working quickly to settle on a value and discuss a price," Hernández said at the time.
In May President Hugo Chávez ordered the nationalization of Matesi, Comsigua, Orinoco Iron and Venprecar in a move to consolidate the national steel and iron production process....
Sigma aims to replace steel tube imports - Colombia
Saturday, November 21, 2009
(BNamericas.com) - Recently inaugurated Colombian steel company Sigma Steel, located in the tax-free zone of La Cayena in Barranquilla city, is tapping into the structured tubing market in order to substitute imports wi... more
Steelmakers join climate change initiative - Regional
Saturday, November 21, 2009
(BNamericas.com) - Steel producers that belong to the Latin American Iron and Steel Institute (Ilafa) have joined the initiative launched by the World Steel Association (worldsteel) to determine the amount of carbon dio... more
Global crisis didn't force CSN to halt iron ore shipments in 2009 - Brazil
Saturday, November 21, 2009
(BNamericas.com) - The global economic downturn did not force Brazilian steelmaker CSN (NYSE: SID) to halt iron ore shipments from Rio de Janeiro's Itaguaí port in 2009, Leonardo Filgueiras, manager of the mining planni... more
Copper price gains 3.6% in week, gold still strong - Chile, Regional
Saturday, November 21, 2009
(BNamericas.com) - The price of copper closed at US$3.05/lb cash on the London Metal Exchange Friday, up 3.6% week-on-week, and global stocks rose 4.7% to 598,400t, enough for 12.3 days of consumption.
Chile's stat... more
Ilafa: Crude steel production down 27.1% in Jan-Oct - Regional
Saturday, November 21, 2009
(BNamericas.com) - Latin America's crude steel output in the first 10 months of 2009 declined 27.1% year-on-year to 42.3Mt from 58.0Mt, the Latin American Iron and Steel Institute (Ilafa) reported.
Brazil's output d... more
Asimet reports trade balance on nations' metal industries - Chile, Peru
Saturday, November 21, 2009
(BNamericas.com) - During the first three quarters of this year Chile's metallurgical and metal-mechanics sector exported US$188mn in products to Peru and imported US$58.7mn in products from the neighboring nation, Chil... more
IAI: Latin American aluminum output falls to 211,000t in October - Regional
Saturday, November 21, 2009
(BNamericas.com) - Aluminum production in Latin America was down 7.0% to 211,000t in October compared to 227,000t in the same month last year, though output rose 3.4% compared to 204,000t in September, the International... more
IN BRIEF New Asimet president takes office - Chile
Saturday, November 21, 2009
(BNamericas.com) - The president of Chile's metallurgical and metal-mechanics industry association Asimet, Arturo Lyon, has stepped down and been replaced by Ernesto Escobar, the association said in a statement.
Esc... more