Panama has entered an international deal with US partner Schuff International that will see the emergence of a new steel venture aimed at market growth in Central and South America.

Demand for steel is growing across the region with economic development generating new resources for private and public construction projects. Demand for steel grew in Chile after earthquake damage that prompted reconstruction and infrastructural renewal across the country.

Schuff International, Inc is the largest steel fabrication and erection company in the United States, with several steel companies, including Schuff Steel, in the group.

The companies said that the new joint venture brings Schuff into partnership with Panama's Empresas Hopsa, SA and will be called Schuff Hopsa Engineering.

Panama has seen its economy surge on the strength of its close trade links with both North and South American and Central American and Caribbean neighbors. Economists expect Panama to do better this year after the 2010 estimate of a gross domestic production of $44 billion.

Schuff Hopsa Engineering will focus on providing structural steel fabrication and erection services throughout Central and South America. The new company will own and operate a 52,000-square-foot steel fabrication plant in Chilibre, just outside Panama City.

(Sourced from www.upi.com)