Sivensa ( BVC
SVS
is the second largest

Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and many Federal Dependencies of Venezuela, islands and islets in the Caribbean Sea. It com ...

n steel producer. Sidor, which was

nationalized Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with priv ...

in 2008, is the largest. However, Sivensa, founded in 1948, has been Venezuela's largest steel producer in the

private-sector The private sector is the part of the economy which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. Employment The private sector employs most of the workforce ...

as of 2008.

History

The corporate documents for Siderúrgica Venezolana, S.A., were registered in October 1948. The company was started with capital of two million bolívars; its largest founding shareholder was Miles Meyer Sherover (1896–1976), an Israeli-American. Other founding shareholders included Robert Turgot Brinsmade (1913–1994), an American international lawyer, Warren William Smith (1865–1956), a U.S. citizen, Oscar Augusto Machado (1890–1966), a Venezuelan, and Carlos Morales, a Venezuelan. Its founding objective was to produce steel

rebar Rebar (short for reinforcement bar or reinforcing bar), known when massed as reinforcing steel or steel reinforcement, is a tension device added to concrete to form ''reinforced concrete'' and reinforced masonry structures to strengthen and aid ...

, wire rods, structures, and other steel products. The first

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by Sivensa was in 1950, and that year, the company reached a production capacity of five tons per year. In 1956, Sherover became president, a position he held until 1959, when Oscar Machado Zuloaga took over. Angel Cervini replaced him until 1979. By 1957, the Antímano plant in

Caracas Caracas ( , ), officially Santiago de León de Caracas (CCS), is the capital and largest city of Venezuela, and the center of the Metropolitan Region of Caracas (or Greater Caracas). Caracas is located along the Guaire River in the northern p ...

was producing 65,000 tons of steel

using obsolete machinery and equipment. That year, Sivensa acquired a 50% stake in Recuperadora General Venezolana C.A. (Regeveca), which bought and sold scrap metal in the country. In 1998, Sivensa suffered a substantial crisis — mainly due to the Asian crisis — which reduced the size of the company and generated a substantial debt. Has one main division, International Briquettes Holding (IBH), which sells

briquette A briquette (; also spelled briquet) is a compressed block of coal dust or other combustible biomass material (e.g. charcoal, sawdust, wood chips, peat, or paper) used for fuel and kindling to start a combustion, fire. The term is a diminutive der ...

s and iron pellets. In 2010, the Venezuelan government

expropriated Eminent domain, also known as land acquisition, compulsory purchase, resumption, resumption/compulsory acquisition, or expropriation, is the compulsory acquisition of private property for public use. It does not include the power to take and t ...

Sivensa's largest and most important subsidiary, Sidetur, which sells steel. After higher steel prices improved the financial situation following the Asian crisis, the government

Sidetur. The plants, those still owned by Sivensa and those that were expropriated, are all located in Venezuela. Nine operating plants are located in the states of Bolívar,

Carabobo Carabobo State (, ) is one of the 23 states of Venezuela, located in the north of the country, about two hours by car from Caracas. The state capital city is Valencia, which is also the country's main industrial center. The state's area is and ...

, Miranda,

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, and the

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. Additionally, Sidetur has 14

ferrous In chemistry, iron(II) refers to the chemical element, element iron in its +2 oxidation number, oxidation state. The adjective ''ferrous'' or the prefix ''ferro-'' is often used to specify such compounds, as in ''ferrous chloride'' for iron(II ...

material collection centers located in various cities.

References

Notes Inline citations

External links

SIVENSA Webpage
Steel companies of Venezuela Companies listed on the Caracas Stock Exchange Manufacturing companies established in 1948 1948 establishments in Venezuela Manufacturing companies based in Caracas {{Venezuela-company-stub

History

See also

References

External links