Reportedly, the Venezuelan government has approved an investment of US$268 million for Sidor, Venezuela's state-owned steel long producer.

It’s known that the decision was made after a meeting joint by industry minister Ricardo Menéndez, the president of Corporación Venezolana de Guayana’s (CVG) and Rafael Gil Barriors, Sidor’s main director.

An official stated that the funds will be used in the plant’s technological development and to raise its melting capacity for round and square steel long products.