Context: How Bolsa Boliviana de Valores works, and what it makes issuers disclose · Bolivia on the LatAm Power Map
A family steel business that began selling imported rebar on the streets of Santa Cruz in 1969 has quietly become the backbone of Bolivia’s construction industry — and then built the country’s first steel mill to produce the metal itself.
| Full name | Import. Export. Las Lomas Ltda. |
|---|---|
| Ticker / exchange | IEL.BO — Bolsa Boliviana de Valores (bond issuer; no equity listing) |
| Headquarters | Santa Cruz de la Sierra, Bolivia (Av. Cristo Redentor Km. 2.5 Norte) |
| Sector | Construction-steel wholesale & manufacturing |
| Employees | ~662 (most recent available figure) |
| Market value (equity) | Not applicable — private Ltda.; no shares trade publicly |
| Yearly sales (revenue) | Not disclosed in available sources (private company) |
| Net profit | Not disclosed in available sources |
| Net margin | Not disclosed in available sources |
| Return on equity | Not disclosed in available sources |
| Price-to-earnings | Not applicable |
| Dividend yield | Not applicable |
| Website | www.laslomas.com.bo |
What it is
Las Lomas was founded in 1969 by Carlos Zurita and Carmen Vera, beginning life as a steel-importing house called CAZUQ in Santa Cruz. Its core activity is the trade of construction materials — round and angular iron, steel sheets, wires, nails, staples, and roofing sheets — while also importing machinery needed for the business.
Las Lomas is today the leader in Bolivia’s construction-steel market, capturing approximately 25% of national demand. The company operates across all eight of Bolivia’s departments through 23 branches.
Who owns it
The business converted from its original trading form into a private limited company (Sociedad de Responsabilidad Limitada), with Juan Carlos Zurita Vera — son of the founders — assuming the role of General Manager. The exact ownership split among family members is not disclosed in available sources; as a Ltda., Las Lomas has no publicly traded shares and is not required to publish a shareholder register.
Boris Marinkovic serves as Vice President of the company. The Zurita family retains full private control; no state or outside institutional shareholder is identified in available sources.
Who runs it
Juan Carlos Zurita Vera holds the title of General Manager (Gerente General), a role he has used to expand the company’s geographic reach and commercial dynamism. He is publicly identified as president of the Las Lomas group.
Vicepresidente Boris Marinkovic has been the primary public spokesperson for the steel-plant project, including the selection of Italian technology. No CFO or independent board chair is named in available public filings — consistent with the compact governance typical of a family-controlled Bolivian Ltda.
The money, in plain words
Las Lomas is a private company and does not publish audited accounts openly; revenue, profit margins, and return on equity are not disclosed in available sources. What is publicly known is its debt-market footprint: the company is registered as a bond issuer with ASFI under number ASFI-DSVSC-EM-IEL-001/2017, and its “Bonos Las Lomas I” bond programme was authorised by ASFI resolution in March 2019 under registration ASFI/DSVSC-PEB-IEL-004/2019.
Those bonds — fixed-rate, redeemable instruments — were the financial engine behind its steel-plant ambition. The plant investment totalled approximately $177 million, a substantial commitment for a private Bolivian company and likely the largest single private industrial investment the country had seen in years.
What it is doing now
Las Lomas’s steel mill is located in the municipality of Buena Vista, 108 kilometres from Santa Cruz, where it produces corrugated steel bars. Rolling-mill operations began in February 2021, and the company claims the facility is not only Bolivia’s first steel plant but South America’s most modern.
At full capacity the plant can turn out 200,000 tonnes of corrugated steel per year — around 60% of Bolivia’s national demand. On the bond-market side, in June 2024 the company convened assemblies of all holders of its outstanding “Bonos Las Lomas I” with 100% investor participation.
The agenda of those assemblies is not yet fully detailed in available public disclosures.
What to watch
- Steel-plant ramp-up: A second phase is planned that would raise capacity from 200,000 to 300,000 tonnes per year. Execution speed will depend on domestic construction demand and scrap-metal supply.
- Bolivia’s macro stress: Bolivia’s accumulated inflation reached 9.97% in 2024, and foreign-currency scarcity has squeezed importers across the economy — a direct risk for a company that still sources some steel from abroad.
- State competition: The government’s own Mutún steel project is also under development; Las Lomas’s management has argued the two are complementary rather than competitive. That assessment will be tested as both reach full output.
- Bond maturities: With all bondholders called to meeting in mid-2024, investors should watch for announcements about refinancing or early redemption of the “Bonos Las Lomas I” series.
- Transparency: As a Ltda. that publishes no equity financials, the only financial window into this company is its bond prospectuses and regulator filings. Any move to convert to a joint-stock company (S.A.) or list equity would be transformative.
Sources
- Bolsa Boliviana de Valores — IEL company ficha (as at 30 Nov 2025): bbv.com.bo/Media/Default/Archivos/Fichas/IEL_CAR.pdf
- ASFI — Issuer regulatory card, Import. Export. Las Lomas Ltda.: appweb.asfi.gob.bo — tarjeta emisor IEL
- ASFI — Programa de Emisiones de Bonos Las Lomas I (updated prospectus): asfi.gob.bo — Prospecto Marco Bonos Las Lomas I
- ASFI — Bonos Las Lomas I – Emisión 1 (updated prospectus): asfi.gob.bo — Prospecto Complementario Emisión 1
- CAINCO — “Llega la primera planta siderúrgica a Bolivia” (Sept. 2019): cainco.org.bo
- Los Tiempos / CADECO — “Siderúrgica Las Lomas producirá el 60% del acero que demanda el país” (June 2021): lostiempos.com
- Las Lomas corporate website: laslomas.com.bo
- LinkedIn corporate profile — Las Lomas history: bo.linkedin.com/company/las-lomas
- Market data: EODHD.
This is news, not investment advice.
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