Arcaya & Asociados
Business News Americas
June 6th 2007
Venezuelan steelmaker Ternium Sidor sold 243,000t of steel on the local market in May, topping the monthly record of 234,000t shipped within the country in March, local press reported.
"It's the second time this year we have hit record numbers on domestic shipments," company president Julián Eguren told papers. In May, hot-rolled products had the highest sales on the local market at 97,000t while cold-rolled products registered at 64,000t and tin plate at 11,000t, all records as well, the reports said.
Sixty-three percent of the steelmaker's sales were shipped to the domestic market in 2006 and "right now, 69% of the company's shipments are supplying demand in the country," the executive said.
Venezuela's ministry of basic industries and mining (Mibam) is currently negotiating with the steelmaker to drop the price of Sidor products on the domestic market so they will be lower than when sold on the foreign market.
Sidor was privatized in 1997 and is Venezuela's largest steelmaker, with average output of 4,2Mt/y of liquid steel. 39 The Ternium steel group controls 59.73% of the company's shares, the Venezuelan state holds 20.36% through state heavy industry holding company CVG, and employees own the remaining 19.91%.