Steel deal with China.
The government signed a multi-million dollar deal agreement with
China which would see the setting up of three steel manufacturing plants
in Trinidad, reports Caribbean Net News (Dec. 14, 2005). The deal was
based on the product output of a newly-established company in Port of
Spain, Alutrint Ltd, which is an aluminum smelter plant, and the
China-based National Machinery and Equipment Import and Export
Corporation (CEMEC). This, it is hoped, would shift the island's
dependence away from oil and gas and further fuel economic growth. The
three steel manufacturing companies will include an automotive parts and
car wheel plant, a rod mill and a barbed wire and cable company, said
Prime Minister Patrick Manning. The aluminum smelter plants would source
bauxite from Guyana, Suriname and Jamaica.