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Article: VENEZUELA: Joint venture construction start-up on planned $572,000,000 steel plant is not expected to begin before 2 years, FERROMINERA ORINOCO [Venezuela] & DANIELI & C. OFFICINE MECCANICHE SPA [Italy] Order #: 088405.(Danieli e Compagnia S.p.A.)(Ferrominera del Orinoco.)
- Article from:
- WWP-Business Opportunities in Latin America & the Caribbean
- Article date:
- August 1, 2005
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PROJECT OVERVIEW:
Italy-based DANIELI & C. OFFICINE MECCANICHE SPA and the local CORPORACION VENEZOLANA DE GUAYANA (CVG) have been in discussion regarding the construction of a new steel plant in the country for the past 30 months. And, the companies have now finally reached an agreement to develop the Qualimetal steel project. According to the terms of the accord CVG will hold a 51% interest in the venture while DANIELI will have a 49% stake.
As a result, CVG's subsidiary, FERROMINERA ORINOCO (FMO), and DANIELI are now expected to establish a joint venture company known as QUALIMETAL to implement a project feasibility study. According to Ramon ...