Venezuelan steelmaker Sidor saw its liquid steel production decrease 33.5 percent in 2014 to 1.03 million mt, the lowest level since 1980, according to data from the nation’s ministry of industries.
“The financial limitations were caused by the low resources generation, a product of continuing work efforts, which made it difficult the acquisition of raw materials and basic feedstock for the productive process,” the ministry said in its annual report.
After buying a major stake from Ternium in 2008, Sidor saw its steel production fall year-on-year. Subject to many strikes and labor disputes in the last few years, the company is operating at 31 percent of its capacity, according to media reports.
Recently, the World Steel Association said Venezuela’s crude steel production in February increased 19 percent year-on-year to 145,000 mt, but fell 9 percent when compared to January’s 159,000 mt output.
Sidor was responsible for 241,303 mt of the crude steel Venezuela produced for the accumulated period of January and February.
In the first two months of the year, the nation produced 313,000 mt of crude steel. In that period, Sidor output accounted for 77 percent of the nation’s total crude steel production.