Venezuela and Cuba have signed an agreement to create a joint steelmaking company called Aceros del Alba CA, which will make stainless steel products in Venezuela. The joint steelmaking company plans to produce 500,000tns of stainless steel and the new steelmaker will be located in Venezuela’s eastern state of Monagas. 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-based Company Acinox Steel Industrial Group and 49% owned by Venezuela.
