Venezuela has approved the restructuring of its state-owned companies, including some of its mining and steelmaking businesses, the local ministry of communications said.
The restructuring affects mainlining state-owned conglomerate Corporacion Venezolana de Guayana (CVG), the holding that owns several producing companies, including HBI producers BriqVen, Briquetera del Orinoco, iron ore producer Ferrominera, and steelmaker Siderurgica del Orinoco (Sidor), among others.
The restructuring aims to solve or improve some of the state-run holding challenges, including logistics, technology and raw materials. Venezuela expects to further strengthen its domestic industry, despite its strong reliance on the US dollar and a growing socioeconomic and political crisis that has affected the country since 2012.
Venezuelan president Nicolas Maduro said the nation’s vice-president, Tareck El Aissami, will preside over the restructuring process.