The US embargo on Cuba caused a loss of $33.4 million to state-run steelmaker Acinox, from April 2014 to April 2015, the nation’s news agency, ACN, said this week.
According to ACN, the losses are due to the geographical relocation of markets, the immobilization of resources in inventories, variations in the exchange rate for foreign commerce as well as financial operations “because of the impossibility to use the US dollar.”
Acinox’s losses account for almost half the $73.4 million the country lost with all its industries in the period, as a result of the embargo.
ACN said the $33.4 million loss caused to Acinox meant the company could have purchased about 31,628 mt of galvanized steel plates for the program of self-built homes.
“This would provide coverage for 69,582 houses and benefit 278,328 Cubans if we calculate that there are four persons living in each one,” the government said.