Jindal Steel denies to invest in Venezuela's iron ore plant

Jindal Steel & Power Ltd., a prominent Indian steel company, has refuted claims of signing any agreement or committing to financial involvement in Venezuela. The denial comes in response to reports by Bloomberg News, which indicated that Venezuela's government had purportedly entered into an agreement with the Indian company to operate CVG Ferrominera Orinoco, the largest iron-ore producing plant in the country. A statement issued by Jindal Steel & Power asserts that they completely and categorically deny signing of any agreement or committing to any investment in Venezuela. CVG Ferrominera Orinoco possesses an annual installed capacity of 25,000 metric tons of iron ore and confirmed reserves amounting to 4.2 million metric tons. The plant, however, has faced challenges operating below capacity, primarily due to years of mismanagement, insufficient investment, and a severe power crisis that struck Venezuela in 2009, necessitating production cuts to conserve energy resources.