Sidor to Stay Privately Owned

Venezuelan integrated steelmaker Sidor will stay in the private sector, the Ciudad Guayana-based company's president Martin Berardi was quoted as saying in the country's press. The possibility of its going back to state control three years after a US$1.2bn sale to the Amazonia international consortium has been raised now company executives are seeking a debt restructuring with lenders. Possible solutions include a capital injection from shareholders, including the government. The current split is Amazonia 70%, state heavy-industry holding company CVG 30%. "What I think we are all convinced by is that this private project, which is successful in production terms, is going through an exogenous crisis and in the long term it has to continue as a private company," Berardi said. He also predicted Sidor would produce 2.9Mt in 2002, against this year's 2.8Mt.