Steel plant for Venezuela

Venezuela’s state-run Ferrominera del Orinoco and Italy’s Danieli Spa signed a $570 million agreement for the construction of steel plant in eastern Venezuela. A government official said the factory would produce steel used for ship building in Venezuela, which is looking to expand its fleet of oil tankers. Although no date has been set for the start of construction of the plant, it will be located in the steel and aluminum producing city of Puerto Ordaz, about 270 miles east of Caracas. Venezuela, the world’s fifth largest oil producer, is seeking to diversify the country’s petroleum-dependent economy by developing basic industries and expanding agriculture programs.