Venezuelan steel production up 16% in 2004

Venezuelan steel production up 16% in 2004

Venezuelan Steel Institute (IVES) announced that Venezuela's crude steel output amounted to 4.6 million tons in 2004, up 16% from the 3.9 million tons the country produced in 2003. Sidor, the largest steel producer in the Andean region, accounted for 2.9 million tons of the steel produced by Venezuela in 2004. Steel production is expected to maintain its steady performance in 2005 due to strong demand from China and India. Venezuela ranks as Latin America's fourth-largest steel producer, following Brazil, Mexico and Argentina.