[China-Venezuela Joint Fund] CDB funds USD 3.8 billion José Ignacio Abreu e Lima National Steel project (linked to Record ID#58677)

[China-Venezuela Joint Fund] CDB funds USD 3.8 billion José Ignacio Abreu e Lima National Steel project In 2006, the Venezuelan government announced the creation of the José Ignacio Abreu e Lima National Steel company (Spanish: Siderúrgica Nacional José Ignacio Abreu e Lima).

The project was funded by the China-Venezuela Joint Fund (see Record ID#58677), although the Chinese investment was most likely made later than 2006. The project cost USD 3,871,471,140.34. It was also funded by FONDEN, BNDES of Brazil, and BBVA. The amount from each entity is unclear. The project consisted of the construction of a steel production company is Ciudad Piar, Barinas.

In 2008, the Brazilian company Andrade Gutiérrez was contracted to build the plant. The project was also implemented by the Ministry of People's Power for Industry and EPS Siderúrgica Nacional SA.

In 2012, the plant was still under construction, with the goal of producing 1.55 million tons of liquid steel per year when completed.

According to official sources, the project was showed 94% progress in the external area and 86% development in the reagent building of the concentration plant in September 2013, and would be ready to open in late 2014. It is not clear if the plant was ever completed. Some student programs were run at the plant in 2016 and 2017, but it wasn't producing at full capacity.