Crude steel production at Venezuela's largest steelmaker Siderurgica del Orinoco, or Sidor, totaled 1.04 million mt in 2014, down 29.7% from about 1.48 million mt in 2013, the company reported Tuesday.
Production in the 12-month period is similar to that volume of one quarter in 2007, when Latin American steelmaker Ternium still controlled Sidor. In that year, the firm's production hit 4.3 million mt.
During 2014, Sidor produced only 20% of its 5.1 million mt/year total capacity. The steelmaker initially planned output of 2.4 million mt for 2014.
The 2014 total meets market expectations. In early December, a mill source said in an interview that this would a be a really bad year for the company.
"Sidor will close the year with a figure slightly higher than 1 million mt, which will put the company in the worst production record of its history, followed by 2013," the source said.
Output of rebar in 2014 was 105,217, down from 175,919 mt in 2013, while output of wire rod in 2014 fell 27.4% to 189,353 mt from 260,915 mt in 2013.
Source: Platts
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