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Venezuela launches state aluminum company

Mr Hugo Chávez President of Venezuela has announced the formation of Venezuelan Aluminum Corporation in order to unite producers to allow them to overcome domestic and global adversities. Mr Chávez said that "I am not going to allow our aluminum companies to go under."  He added that he will present a bill with measures to allow the sector to recover to the national planning office this week, and will have a proposal within 10 days for taking action in the short term. The creation of VCA is an idea that has been in the works for more than a year. Mr José Gil union leader and member of the country's national assembly recently said that consolidation of aluminum companies under the proposed corporation would help producers to work together in order to survive crises on domestic and global fronts. Venezuela's four aluminum companies namely Alcasa, Venalum, Bauxilum and Carbonorca are subsidiaries of state heavy industry holding CVG.

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