Venezuela: Steel Company Is Nationalized

Por Venezuela Real - 14 de Mayo, 2008, 16:16, Categoría: Prensa Internacional

BLOOMBERG NEWS
May 13, 2008

President Hugo Chávez of Venezuela signed a law to formally assume state control of the Venezuelan unit of Ternium, a steel maker based in Luxembourg, and installed a government minister as the company’s president. The mining and basic industries minister, Rodolfo Sanz, will begin running the company immediately, Mr. Chávez said in comments broadcast by state television. Venezuela’s government is still in talks with Ternium over how much the company will receive in compensation for the steelmaker, called Siderurgica del Orinoco.







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