Bolivia's first steelmaker to replace $600 million/year in imports: Morales
Bolivia's first steelmaker to replace $600 million/year in imports: Morales
Sao Paulo (Platts)--22Oct2014/509 pm EDT/2109 GMT
Bolivian President Evo Morales said that once established, the country's first steelmaker will save the country around $600 million/year by limiting steel imports.
"Transforming our iron ore into steel will prevent the import of finished (steel) products, saving between $500 million to $600 million per year, plus preventing the exit of US dollars from Bolivia," Morales said Tuesday during a news conference in Cochabamba.
Morales said the plant will meet around 60% of domestic needs and produce 400,000 mt/year of iron ore concentrate, 350,000 mt/year of rebar and 100,000 mt/year of sponge iron destined for the export market.
The time frame of the plant's construction and start of operations is not settled, but expected to take at least two years.
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