Aluminum smelter seeks financial aid to overcome weak spot

Venezuela's aluminum smelter CVG Alcasa has requested USD 90.4 million in financial assistance from the Executive Office to cover payroll expenses, the purchase of raw materials, spare parts and the reactivation of smelting cells. It has also submitted several proposals to the consideration of the Ministry of Industries to improve cash flow.

Elio Sayago, the president of aluminum smelter Aluminios del Caroní S.A. (Alcasa), said that the first memorandum account includes the import of 5,000 tons per month of aluminum to feed the current inactive installed capacity for mineral processing.

A total of 178 cells out of 396 smelting cells are currently operating in Alcasa. Its installed capacity is 170,000 tons, but it only produced 69,000 tons in 2011, 28% less than in 2010.