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    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

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