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CARACAS, Wednesday October 28, 2009 | Update
ALBA creates a grand-national iron and steel company
Western Hemisphere
The governments of Bolivia, Ecuador, Nicaragua, Saint Vincent and the Grenadines, Dominica and Venezuela, as well as other members of the Bolivarian Alliance for the Peoples of Our America (ALBA), signed the Deed of Commitment to create a grand-national company in the iron and steel sector.
The resolution published in the Official Gazette No. 39,293, dated Tuesday 27, 2009, provides that the goal of the aforementioned company is the production, distribution and marketing of iron and steel, as well as the development of a ferro-alloy industry for the economic cooperation of the member countries.
The company will also encourage the processing and marketing of byproducts with high added value needed for the social and economic growth of the countries, the state news agency Agencia Bolivariana de Noticias (ABN) said.
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