Union: Aluminum firms must present recovery plan in 1Q09 - Venezuela
Times：2009-01-07 02:44:47 Author：
Venezuelan aluminum producers are required to present a sector recovery plan to the country's basic industries and mining ministry (Mibam) during the first quarter of 2009, spokesperson for the Sintralcasa union Arquímedes Hidalgo told BNamericas.
"The plan will be drawn up under the premise that no more raw materials will be produced for export. It will all be tagged for diversifying what we already have," he added.
A Mibam official said the ministry has allegedly approved a recovery plan that includes paying off debt and updating technology at companies in the sector.
"A Mibam committee in charge of the issue said that 4bn bolívares [US$1.9bn] will be needed for getting companies up-to-date," the official said.
Unions from the four state companies in Venezuela's aluminum production chain - Alcasa, Venalum, Bauxilum and Carbonorca - have been asking the government for several months to invest in technological upgrades at their plants to overcome the operational crisis they are currently experiencing.
"The plan will be drawn up under the premise that no more raw materials will be produced for export. It will all be tagged for diversifying what we already have," he added.
A Mibam official said the ministry has allegedly approved a recovery plan that includes paying off debt and updating technology at companies in the sector.
"A Mibam committee in charge of the issue said that 4bn bolívares [US$1.9bn] will be needed for getting companies up-to-date," the official said.
Unions from the four state companies in Venezuela's aluminum production chain - Alcasa, Venalum, Bauxilum and Carbonorca - have been asking the government for several months to invest in technological upgrades at their plants to overcome the operational crisis they are currently experiencing.
