Venezuela and Cuba signed an agreement to create a joint steelmaking company called Aceros del Alba CA, which will make stainless steel products in Venezuela. The USD 1.5 billion investment will come from Venezuela, plans to produce 500,000tns of stainless steel and the new steelmaker will be located in Venezuela’s eastern state of Monagas. 51% will be owned by Venezuela and 49% owned by the Cuban group, Acinox Steel Industrial Group. A ferronickel plant will be built in Cuba to provide the raw material for the steel plant. The plant will be 51% owned by Cuba and 49% owned by Venezuela. It is expected that construction will begin on the steelmaking plant this and it will be operating in three years.
