September 25, 2005
Venezuela will spend $978 million on steel plant

(Bloomberg) -"Venezuela will spend 2.1 trillion bolivars ($978 million) to build a steel complex, President Hugo Chávez said (...)

Venezuela produces about 3.5 million tons of steel a year, mostly for sale in the U.S. and South American markets. Chávez's predecessor, Rafael Caldera, sold a 70 percent stake in 1997 in the country's former state steelmaker, Siderurgica del Orinoco SA, for $1.79 billion in cash and debt. Sidor, as the steelmaker is known, hasn't made a profit since the sale".