Thursday, May 01, 2008

Venezuela nationalises top steelmaker

Venezuela’s President Hugo Chavez said on Wednesday the government will take control of the country’s top steelmaker, Argentine-controlled Ternium Sidor, even as negotiations with the company continue.

Socialist Chavez signed a decree to nationalise the steelmaker and said he would name a commission to take control of the company, part of his drive to increase government participation in key industries.

”We are going to sign a law by which Venezuela will recover our Sidor,” he told cheering union members. ”This decree names a commission to take control of the company and put it to the interests of the nation.”

Sidor employs almost 15,000 workers and last year produced 4.3m tonnes of liquid steel despite sporadic strikes in a drawn out labor dispute that prompted Chavez to nationalise . He announced the planned takeover earlier in April.

Read full story at Reuters

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