• Skip to main content

    Analysis

    January 9, 2026

    CRU: Venezuelan steel industry in crisis but with a past that shows potential

    Written by Erik Hedborg & Thais Terzian & Yusu Mao

    This news item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com. 

    On Jan. 3, the USA carried out a military operation in Venezuela that resulted in the arrest of the country’s President Nicolas Maduro. As of Jan. 5, the country will be run by interim President Delcy Rodriguez. Nicolas Maduro was preceded by Hugo Chávez, who nationalized the country’s heavy industries from 2007, including steel and iron ore. These policies have remained in place during Maduro’s term as president, and the industry has continued to face significant declines. This CRU Insight provides details on the decline of Venezuela’s steel, DRI, and iron ore industries, which highlights the potential scope of recovery with the right policy agenda and support. However, CRU’s view is there will not be a significant change in the near-term.

    Erik Hedborg

    Read more from Erik Hedborg

    Thais Terzian

    Read more from Thais Terzian

    Yusu Mao

    Read more from Yusu Mao

    Latest in Analysis

    US scrap prices strengthen from initial October levels

    Earlier this week, several steelmakers entered the market with prices for shredded, plate and structural (P&S), and heavy melting steel (HMS) up $20 per gross ton (gt) from September. Prices on prime grades were initially missing but were then reported as up only $10. This occurred in select regions, mainly in the northern tier. As the week went on, expectations were that the rest of the market would follow suit. But this has not been the case.

    SMU scrap market survey results now available

    SMU’s October ferrous scrap market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the Pricing and Analysis tab and look under the “survey results” section for Ferrous Scrap Survey results. Past scrap survey results are also available under that selection. If you need help accessing the survey results or if your company would like to have your voice heard in our future surveys

    US steel imports reach 15-month high in August, rise further in September

    Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.