Venezuela plans mega steel plant

[Judi Lynn]

Venezuela plans mega steel plant
AP on Sunday, March 08, 2009

Venezuela's Government will help build a $2.1 billion (Dh7.7bn) steel plant, President Hugo Chavez said.

He visited the work site in Venezuela's southeastern Bolivar state as heavy machinery began moving earth for the new plant.

Brazilian investors are also participating in the project along with the Venezuelan Government.

Chavez spoke at the site along with Mining Minister Rodolfo Sanz, who said the steel plant's construction will generate 7,000 jobs – and more than 1,500 jobs one the plant is operating.

The government will also create a state aluminium company called Corp Venezolana de Aluminio as it merges state-owned aluminium and bauxite companies, said Chavez.

More:
http://www.business24-7.ae/articles/2009/3/pages/03082009_570cf0218f894cbb888971e1918dd4a2.aspx