SIDOR

Siderúrgica de Orinoco C.A. (Sidor) is the largest Venezuelan steel corporation. The company is situated in an industrial zone in Ciudad Guayana, Bolívar State, near the Orinoco River.

Siderúrgica de Orinoco, C.A.
State-owned company
IndustrySteel Holding
Founded1953
HeadquartersCaracas, Venezuela.
ProductsSteel
Number of employees
13,000
WebsiteSidor Web Page

Major iron deposits were found in the area in 1926 and 1947. Mining companies constructed rail infrastructure to take iron ore to ports on the Orinoco river. The Sidor plant was designed to make use of hydro-electricity from the Caroni, a tributary of the Orinoco, to process iron ore which had been hitherto exported.

SIDOR ceased operating permanently after the first 2019 Venezuelan blackout. Its production had been gradually decreasing since the company was nationalized in 2008 by Hugo Chávez. A former director said that Chávez had "received it as a productive and solvent company; but management coming from the military world, unaware of 'steel manufacturing' activity, together with the 'absence of strategic planning and investments, led to a sustained fall in production'."[1][2]

History
The production of steel by Sidor from 2007 to 2016. Data are from the Memoria 2011 and 2015 of the Ministerio del Poder Popular para Industrias of Venezuela. Data for 2016 is from Correo del Caroní (22. Jan. 2017).

Founded in 1953 as a public company, it was privatised in 1997 under President Rafael Caldera, with a 60% stake going to Argentina's Ternium.

It was renationalised in mid-2008 under Hugo Chávez[3][4] following a series of industrial disputes over pay which had paralysed the company for over year.[5] In early 2009 compensation of around $1.65bn was nearly agreed for the nationalisation of Ternium's 59.7% stake, with Ternium also keeping a 10% stake in the company.[6]

Production went down from 4.3 million tons in 2007 to 307 thousand tons in 2016, production capacity being 4.6 million tons.[7] Thousands of workers were said to be staring at the ceiling instead of working as of March 2019.[8]

gollark: ... does anyone know how to make discord.py respond to itself *and* other things, perhaps?
gollark: I'm going to let ABR respond to itself.
gollark: <@612084587740528640> help
gollark: Alas, <@80528701850124288> is better programmed.
gollark: ++exec```pythonprint("?help")```

See also

References
  1. Leon, Mariela (17 March 2019). "Señalan que con el apagón se "cierran las puertas" de Sidor". El Universal (in Spanish). Retrieved 21 March 2019.
  2. Baida, Guilherme (19 March 2019). "Venezuelan steelmaker Sidor shuts all operations after energy blackout". S&P Global. Retrieved 21 March 2019.
  3. Venezuela nationalizes steel industry, CNN, May 1, 2008
  4. Reuters, 26 April 2008, Venezuela says Ternium Sidor stake worth $800 mln
  5. Reuters, 30 January 2008, Thousands strike at Venezuela's Sidor steel
  6. Business News Americas, 20 January 2009, Ternium agrees to receive Sidor payment in two installments - Venezuela
  7. María Ramírez Cabello (22 January 2017). "Sidor operó en 2016 a 6% de su capacidad instalada". Correo del Caroní (in Spanish). Retrieved 9 March 2017.
  8. http://www.el-nacional.com/noticias/sociedad/jorge-roig-apagon-una-tragedia-peor-que-terremoto-caracas_274767



This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.