Two Latin American steel mills, Ecuador’s Adelca and Cuba’s Antillana de Acero, will receive a combined $108 million loan from different sources, as a way to increase their steel productivity.
Antillana de Acero will receive a $100 million loan from Russia to modernize its steel mill. Antillana de Acero, formally known as Empresa Siderurgica Jose Marti, is located in the city of Cotorro, Cuba, and is the country’s largest steelmaker. It has a capacity to produce up to 500,000 mt/year, and produces corrugated steel bars, billets, rebar, among other products.
Likewise, Ecuador’s Adelca will use the $8 million loan it will receive from Latin America’s development bank (CAF) to modernize its rolling mill and reduce costs, the company said.
As a result of the loan, Adelca expects to reduce the fossil fuels it uses at its plant by 15 percent, while improving rebar production. Adelca produces a wide range of products, from rebar to welded meshes and annealed wires, to T-shape profiles and flat bars.