Venezuela's steel production rose 19 percent during January to October compared with a year ago and could reach a new national record of 4.5 million tonnes this year, boosted by booming domestic demand, an industry spokesman said Monday. National Steel Institute President Nicolas Izquierdo said liquid steel output from state and private producers totalled 3.8 million tonnes in the first 10 months. Last year's January through October production was 3 million tonnes.
"The world steel industry, and of course that includes Venezuela, is enjoying a good run at the moment because of increased demand from most countries, especially China, and also because of favourable prices," he told reporters.
He predicted that growing domestic demand, in particular from the strategic oil sector, could this year lift steel output in Venezuela - Latin America's fourth largest producer - to a new annual record of 4.5 million tonnes.
This would compare with a past record of 4.2 million tonnes achieved in 2002.