A report published on Wednesday in the local press stated that more than 1.5 billion pesos (62,500,000 USD) were invested last year by that ministry.
According to the report, the works covered the entire area of iron and steel industry as part of a high-impact program for Cuba’s economy, and good part of said works will continue to be carried out at present.
The process of modernization and expansion of the José Martí Iron and Steel Company, more commonly known as Antillana de Acero, in the capital, stands out, with the stated aim of starting and continuing works on the rolling mill, according to industry authorities.
Once the investment has been completed, the start-up of what will become the largest plant of its kind in the country will allow expanding production of large-scale steel metallurgy to a full cycle, as part of the efforts to substitute imports, thus enhancing the industrial development of Cuba.
Construction work is also being carried out at the Mayabeque Refractory Company, in charge of covering the needs of the industries dedicated to the production and transformation of steel, sugar, construction and electricity generation.
Although still far from its potential, the iron and steel industry enters the trade in foreign exchange; the revenue has allowed paying for the production of more than a thousand wheelchairs, and selling bicycles and electric motorcycles in the domestic market.