Type Public (BVC: SVS) Products Steel Number of employees 2,800 (2008) Founded 1948 | Industry Steel Revenue US$ 1.7 billion (2009) Headquarters Caracas, Venezuela | |
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Net income US$ 23.7 million (2009) Subsidiaries Sidetur, Planivensa, International Briquettes Holding, Brifer International Ltd. | ||
Sivensa mantiene paralizadas cinco de sus seis plantas
Sivensa (BVC: SVS) is the second largest Venezuelan 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.
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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, wire rods, structures, and other steel products.
Sivensa's first cast was in 1950, and, that year, annual production reached number five tons. Sherover was appointed President, a position he held until 1959, when Oscar Machado Zuloaga became president. Angel Cervini replaced him until 1979.
By 1957, the Antímano plant in Caracas was producing 65,000 tons of steel rebar 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 Sivensa's largest and most important subsidiary, Sidetur, which sells steel. After higher steel prices improved the financials that followed 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, Miranda, Lara, and the Federal District. Additionally, Sidetur has 14 ferrous material collection centers located in various cities.