Sivensa ( BVC
SVS
is the second largest

Venezuela Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in th ...

n steel producer. Sidor, which was nationalized in 2008, is the largest. However, Sivensa, founded in 1948, has been Venezuela's largest steel producer in the private-sector 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 reinforcing bar), known when massed as reinforcing steel or reinforcement steel, is a steel bar used as a Tension (physics), tension device in reinforced concrete and reinforced masonry structures to strengthen and aid the concr ...

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

cast Cast may refer to: Music * Cast (band), an English alternative rock band * Cast (Mexican band), a progressive Mexican rock band * The Cast, a Scottish musical duo: Mairi Campbell and Dave Francis * ''Cast'', a 2012 album by Trespassers William * ...

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 Antímano is a district of Caracas, Venezuela. It is part of Libertador municipality. According to a 2007 estimate of the National Institute of Statistics of Venezuela, it had a population of 150,971 people in 2007. The name Antímano derives ...

plant in

Caracas Caracas (, ), officially Santiago de León de Caracas, abbreviated as 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 ...

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 briquettes and iron pellets. In 2010, the Venezuelan government

expropriated Eminent domain (United States, Philippines), land acquisition (India, Malaysia, Singapore), compulsory purchase/acquisition (Australia, New Zealand, Ireland, United Kingdom), resumption (Hong Kong, Uganda), resumption/compulsory acquisition (Austr ...

Sivensa's largest and most important subsidiary,

Sidetur Siderúrgica del Turbio S.A. (Sidetur) was a subsidiary of Siderúrgica de Venezuela S.A. (Sivensa), the biggest - wholly private - Venezuelan steel corporation. Their main products are rebars, bars, beams, angles and flats. Sidetur develops their ...

, which sells steel. After higher steel prices improved the financial situation following the Asian crisis, the government nationalized 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 , anthem = '' Himno del Estado Carabobo'' , image_map = Carabobo in Venezuela.svg , map_alt = , map_caption = Location within Venezuela , pushpin_map = , pushpin_map_ ...

, Miranda, Lara, and the

Federal District A federal district is a type of administrative division of a federation, usually under the direct control of a federal government and organized sometimes with a single municipal body. Federal districts often include capital districts, and they e ...

. Additionally, Sidetur has 14 ferrous 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 {{Venezuela-company-stub

History

See also

References

External links