Jorge Alvarado Dias, CEO of the Bolivian iron ore and steel complex Empresa Siderurgica del Mutum (ESM), said in a statement that the project has achieved an advance level of 92 percent, against 87 percent one month ago.
He added that in August six of its seven plants will have their construction concluded, starting operations in September. Such plants are those of concentration, pelletizing, steel conversion, rolling, and power/ancillary services.
The direct reduction plant will start production in February 2025, while the seven plants, as a complex, should start producing finished steel products in March 2025.
According to Dias, ESM will generate 700 direct jobs and other 2,000 indirect, reducing by half the Bolivian imports of steel products, resulting in savings of $200 million per year the country’s foreign currencies reserves.
When at full pace, ESM will produce 200,000 mt of rebars and wire rod and 800,000 mt of iron ore per year.
Dias is inviting industries to set operations near the complex, to produce nails, screws, bolts and nuts, using wire rod from the complex as feedstock.