Venezuela’s basic industries minister, Juan Arias, admitted in a statement last week that state-run steelmaker Sidor lacks raw materials, which caused some of the company’s production lines to halt output.
As previously reported by SteelOrbis, Sidor is producing far less steel than forecasted. The minister attributed the decreased production to low international oil prices.
“There are a lot of production lines at Sidor that are not producing,” Arias said. “They’re not producing because they’re looking for raw materials to resume operations.”