Venezuela-Cuba Steel
Joint Venture On
Venezuela and Cuba
confirmed the creation
of a joint venture in
the steel industry, to
produce and distribute
stainless and special
steel, said ministerial
sources Wednesday.
The company is called "Aceros
del ALBA" and would be
attached to the Cuban
Basic Industry and
Venezuelan Mining
Ministry.
The decree on the
ratification was
published in the most
recent issue of the
Venezuelan Official
Gazette.
The source said the
group was created under
the concept of an
anonymous enterprise,
and its production will
be commercialized at the
national market, also
destined to export to
third markets, with
priority to Latin
America and the
Caribbean.
The company scheduled
duration of 30 years,
with a social initial
capital next to 5
million dollars and a
stock market balance of
51 percent for Venezuela
and 49 percent for Cuba.
The constitution of the
enterprise was approved
in the frame of the
strengthening of the
economic links between
Cuba and Venezuela and
the rational use of
natural resources.
Venezuela works to
become a power in the
steel industry, and get
the second place after
Brazil, with a goal of
up to 12 million tons in
a medium term.
The government supports
an investment of 3.5
billion dollars to
foster the national
steel development, build
more factories and
optimize some others in
the west of the country. |
