The Latin American steel association Alacero said Acerías Paz del Río, Grupo Siderúrgico Reina, Diaco, Ternium, and Sidoc will join an initiative to produce and donate steel for the reconstruction of areas areas hit by the August 10 earthquake.
The effort could require more than 2 million metric tons (mt) of steel, valued by industry estimates at roughly $2.4 billion.
The Colombian Chamber of Steel Producers presented the estimate and said reconstruction could require the country to increase current steel production by nearly 50 percent.
Colombia's installed steel making capacity is estimated at 2.6 million mt per year, while current production is around 1.6 million mt per year.
The expected demand reflects the extent of the earthquake damage, which the sector said affected 134,342 homes and destroyed 29,554.
The industry has not yet determined how much of the more than 2 million mt needed will come from corporate donations, or how much will have to be funded through public resources or other financing sources.
