Steel supply needed to rebuild Chilean infrastructure and housing damaged by the February 27 earthquake will be available on time, local iron and steel group CAP's chairman Roberto de Andraca said during a press conference.
CAP's Huachipato steel complex, located close to the earthquake's epicenter in region VIII, halted operations due to damage suffered by its facilities and the company has already said a return to normal production will not occur for at least three months.
CAP supplies some 70% of domestic steel demand and concerns have already risen as a result of halted operations.
However, de Andraca said the company has stocks of 86,000t, enough to supply demand for one month, and the company has already signed contracts to import another 40,000t. Imported steel is coming from Mexico, Peru, Bolivia and the US.
He added higher demand for steel will be seen in the next few months, when actual reconstruction work is expected to start.
De Andraca added that repairs at Huachipato have already started, with initial works expected to be completed within the next two weeks. "Soon we will know how much steel we will be able to roll by ourselves using semi-finished products we have in inventories. Then, we will be able to determine how much steel we will need to further import to secure supply."