L. America’s Leading Steel Company Born

L. America’s leading steel company born

CARACAS, Oct. 31 (Xinhua) — Argentina’s Techint Group President Daniel Novegil announced the creation of Ternuim Steel Corporation on the 46th Congress of the Latin America Iron and Steel Institute (ILAFA) held in Caracas on Monday.

Ternium, made up of Siderar (Argentina), Hylsamex (Mexico) and Sidor (Venezuela), will be the leading steel producer of Latin America, and Techint is the main share-holder of the new company, said Novegil, who is also the chairman of ILAFA.

Ternium will have an annual production capacity of 12 million tons of flat and long steel, and will yield 5 billion US dollars in revenue every year, he added.

He also emphasized that Latin American countries should increase their exports of steel, due to the continued growth of worldwide demand for the product.

Latin America provides 28 percent of the world iron production (194 million tons out of a total 700 million tons), while it merely generates 6 percent of the world’s steel production. Thus, Latin America should receive investments to strengthen its steel sector, he said.

Some 700 businessmen as well as authorities in the steel and iron industry from 37 countries attended the meeting, which is scheduled to conclude on Tuesday.