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Ecuador to increase steel business with Venezuela

Mr Xavier Abad Ecuador's minister of industry said that the Venezuelan state owned steel company Siderúrgica del Orinoco has an excess production of billets, adding that Ecuadorian industry Andec could transform them into rods under the maquila system.

The Office of the Presidency of Ecuador said in a statement that Abad has monitored a binational agreement between Ecuador and Venezuela aimed at supporting steel production in the two countries. The communiqué added that Sidor has a non operational plant that could be moved to our country to be used in the manufacture of metal mechanic products.

Mr Abad explained that the Posorja industrial complex, which will be set up in Ecuador, has already invested in port logistics. Its construction area, approximately 1.482 acres, will double as a result of the investments made.

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