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Venezuelan steelmaker Sidor shuts all operations after energy blackout

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Market Data - Metales

Venezuelan steelmaker Sidor shuts all operations after energy blackout

Sao Paulo — Venezuela's largest steelmaker Sidor shut all operations after the country's energy blackout March 8, sources within the mill said Tuesday.

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There was no timetable for resumption, the sources said.

When contacted, Sidor did not respond.

The company's steelmaking operations have been offline since August 2018, while other units, including its pellet plant, were operating at reduced levels before the blackout.

The power outage affected most of the country and was the worst in decades, local and international media reported.

Venezuela's steel and iron markets have remained at a standstill as a result of ongoing strikes in basic industry sectors since August, tightening supply and production.

Sidor had planned to have all six electric arc furnaces fully operational in 2018, although sources have questioned whether it will achieve this goal even in 2019.

Sidor has an installed crude steel capacity of 5.1 million mt/year, 2.8 million mt/year of hot-rolled coil capacity, 1.7 million mt/year of cold-rolled coil, 600,000 mt/year of wire rod, 390,000 mt/year of rebar and 280,000 mt/year of tinplate.

-- Guilherme Baida, guilherme.baida@spglobal.com

-- Edited by Pankti Mehta, newsdesk@spglobal.com