Reuters quoted Mr Hugo Chavez President of Venezuela as saying that production by state owned steelmaker Sidor rose by 39% YoY to 2.5 million tonnes in 2011. The improved figure was still, however, far from the company's stated aim of 4 million tonnes for 2011.

Production fell after that to 1.8 million tonnes in 2010, its lowest level in a decade, when a drought triggered electricity rationing across the country.

Mr Chavez's socialist government nationalized Sidor, which is the biggest steelmaker in the Andean region and the Caribbean, in 2008.

He said that "We should congratulate all the Sidor workers, despite the difficulties we have been through."

Based in the southeastern state of Bolivar, Sidor has an installed capacity of 5 million tonnes.

(Sourced from www.reuters.com)