Showa Denko K.K., the representative of Japanese 6 shareholders of CVG Venalum, said the firm received no contact from CVG Venalum yet after Victor Alvarez, Venezuelan Minister of Basic Industries and Mines, said Venezuela would stop export of raw materials including primary aluminium ingot by 2012 in order to grow domestic industries and increase the export of processed products.CVG Venalum is the aluminium smelting joint venture in Venezuela. Showa Denko, Kobe Steel, Sumitomo Chemical, Mitsubishi Materials, Mitsubishi Aluminum and Marubeni Corporation, have totally 20% share of the JV and they can ship 90,000 tonnes of primary aluminium ingot per year from CVG Venalum. Japanese shareholders expect their import from CVG Venalum would not be impacted at least in the short term.
Japan Steel Scrap Composite Prices (Sangyo Press)
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