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Venezuela aluminum firms struggle with debt
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CARACAS, Venezuela - Venezuela's state-run aluminum companies are struggling with a multimillion dollar debt because production costs more than double incoming revenue.
Mining Minister Rodolfo Sanz calls the situation faced by the four state firms — Bauxilum, Venalum, Carbonorca and Alcasa — "difficult" and "complex."
Sanz says the companies are struggling with a $99 million debt, but the government of President Hugo Chavez plans to settle its debts with workers.
Employees of the four companies have been staging protests this week to demand back pay and benefits.
Sanz said Thursday it costs the companies about $3,700 to produce a metric ton of aluminum, but the metal sells for roughly $1,600 on the international market.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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