BNamericas reported that Venezuelan state steel maker Sidor is aiming to carry out investment of USD 250 million in the construction of a continuous caster that would start operating in 2014.

A company representative told BNamericas that "We are waiting for the disbursement of the money from the China Venezuela fund via the country's social development fund Fonden to begin works."

The representative said that however, the timeline for Sidor to receive the funds has not yet been determined. Confirming a date would be speculation.

The representative also noted that Sidor has completed the pre feasibility studies for the project. Considering a construction phase of 30 months, the company's goal is to have the plant operating by 2014.

The representative said that "There have also been meetings with Italian equipment manufacturer Danieli, to advance on defining what technology will be used."

The new plant will be installed at Sidor's slab mill and will have a production capacity of 870,000 tonnes per annum. Billets for rebar and wire rods will be produced during the first phase.

Source - Business News Americas

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