Between July 2011 and July 2012, aluminum production declined 54.84% in Venezuela, and primary steel production dropped 21.43%, according to figures disclosed by the Central Bank of Venezuela (BCV).
In January-July, companies in the aluminum sector have performed poorly, as the lack of raw material and investment, as well as labor conflicts have hindered operations. Aluminum production declined by 33.5% in that period.
A similar situation occurred in state-run steelmakers, as steal production dropped 25.19% over the first seven months of 2012, according to BCV figures. The slowdown in steel production has hit the manufacturing of rebars, one of the main supplies of the construction industry. Between January and July 2012, rebars production fell 11.70%.
The negative production figures led the Venezuelan government to announce in August an investment plan for state-run steelmaker Siderúrgica del Orinoco (Sidor), which will be funded by state-run oil company Petróleos de Venezuela (Pdvsa).
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