Steel production at Venezuelan state-run steelmaker Sidor declined 35.5 percent in November, year-on-year, to 66,031 mt.
Despite the year-on-year fall, November’s figures indicate an 85 percent increase in the month-on-month analysis, as the steelmaker reached in October a production volume of 35,694 mt, the lowest output rate in about 40 years, according to media reports.
In the accumulated period from January to November, Sidor produced 981,175 mt of steel, well above the company’s peak production rate reached in 2007, when it managed to produce about 359,000 mt of steel per month or 4.3 million mt per year.
Jesus Mata, president at Corporación Siderúrgica de Venezuela (CSV), the holding company that includes some of the government-owned producers, including Sidor, said recently the steelmaker is currently run-down. “We’ll start a recovery plan to put Sidor to the service of the country,” he commented.