Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Venezuela nationalizes steel industry

President Hugo Chavez orders nationalization of the country's leading steel producer.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

Allowing more immigrant workers into the country would…
  • Boost economic growth
  • Cost Americans their jobs

CARACAS, Venezuela (CNN) -- President Hugo Chavez of Venezuela signed a decree Wednesday that orders the nationalization of the country's leading steel producer.

Chavez nationalized Sidor, a steel making company, a Venezuelan government official told CNN. The Argentine company Ternium owns the majority of shares in Sidor, according to a report about Chavez's decision in the Venezuelan-based Bolivariana News Agency.

The leftist administration of Chavez has nationalized companies from several industries.

About three weeks ago, government ministers told three foreign-owned cement companies that Venezuela planned to nationalize the cement industry. Those plans affect Cemex (CX), a Mexican firm; Holcim Ltd. of Switzerland and Lafarge, which is based in France. Those companies control 92% of the cement market in Venezuela.

Chavez also has nationalized telephone and power companies.

The decree that Chavez signed Wednesday will create a commission "to take control of the company and make it work in the best interests of the nation, its workers" and the Guyana region of Venezuela, the Bolivariana News Agency reported. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
Banned! 10 things you won't find in China China says it wants to open its economy more to the rest of the world, but Beijing keeps a tight grip on technology and access to media. These 10 items are still off limits. More
A morning at the AltSchool, an education startup that Silicon Valley is crazy about The AltSchool is a system of "micro schools" and an education software maker that has raised about $133 million from investors like Andreessen Horowitz and Mark Zuckerberg and Priscilla Chan's philanthropic fund. More
Coolest cars for $18,000 These are the best budget cars, according to the experts at Kelley Blue Book. More

Sponsors