Venezuela to form a steel complex

Venezuela to form a steel complex

Venezuelan President Hugo Chavez said Sunday (September 25) his government will invest Bolivars 2.1 trillion (around $978 million) to build a new steel complex. Chavez indicates that the new company will provide thousands of new jobs and ensure that the Venezuela's vast resources will be used efficiently and with responsibility. Venezuela produces about 3.5 million tons of steel a year, mostly for sale in the US and South American markets.