VENEZUELA STEEL SECTOR’S WOES GROW AMIDST CURRENCY DEVALUATION
April 14th, 2014
Venezuela's economic woes are weighing heavily on its steel sector, which was already buckling from longstanding labour disputes and related financial problems.The government in March effectively weakened its currency, the Venezuelan bolivar (VEF) by more than 80% against the US dollar for most transactions, unveiling a new currency market, to combat chronic shortages of key industrial inputs and consumer goods. And while this could have benefits for the steel sector, it is also stoking the fears of analysts and investors alike that inflation rates – now more ...
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