Venezuelan steel producer Sidor hasn’t been able to meet at least a fourth of its production capacity in the first eight months of 2015, according to media reports.
Sidor produced 804,000 mt of steel in the January-August period. Steel production at the state-run company in August declined 33.8 percent, month-on-month, to 79,191 mt, the third lowest output rate so far in the year.
Media reports said sources expect the company will produce about 1.2 million mt of steel in 2015, which would represent 26 percent of its capacity production. While Sidor has produced an average of 100,000 mt per month this year, in 2007 it produced an average of 358,916 mt per month of steel.
According to reports, a local union is asking the company to declare it is in a “state of emergency” so it could enter into a bankruptcy protection plan.