IVES: Steel exports recovering

Venezuela's steelmakers institute Ives has said that the rhythm of steel exports has begun to stabilize following the economic recession and political conflict in the country, local press reported. Steel plants operating on gas were affected by gas cuts, especially at the beginning of the year, to the extent that production of liquid steel, finished, semi-finished and pre-reduced products suffered a major decline. In the first nine months of the year sales of briquettes to the US, Japan and Europe were 1.7Mt, while in the same period in 2002, these exports reached 2.4Mt. "There's a lull but the trend is towards returning to normal," Carlos Vargas, Ives' president, was quoted as saying. Last year exports totalled 2.94Mt. The fall in exports occurred in tandem with a 10% fall in production in the same period caused by the unsucessful general strike in December and January to oust president Hugo Chavez. The prolonged action hit the oil industry and the gas supplies vital for the production of pre-reduced iron.