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 4/10 Good --- www.radionetherlands.nl http://www.radionetherlands.nl/news/international/rss-feed
Monday, May 12, 2008 --- 74 days ago http://www.radionetherlands.nl/news/international/5778336/Chvez-nationalises-ste
| Venezuelan President Hugo Chávez has nationalised the country's largest steel company. He announced the measure last month following a breakdown in contract talks between unions and the owners of Ternium-Sidor. The president set a 30 June deadline for the transfer of the company's assets to the government. At present, Argentina's Techint owns 60 percent of the company, which produced 4.3 million tonnes of liquid steel in 2006. President Chávez set the nationalisation process in motion after Ternium-Sidor's owners and the unions failed to agree on pay and conditions. The Venezuelan president said the company's 12,000 workers would be better off if the government owned company. Industry and Mining Minister Rodolfo Sanz has been appointed president of the nationalised company. The nationalisation of the steel company is one of a series of recent government takeovers aimed at strengthening President Chávez' grip on the Venezuelan economy. A significant number of telecommunications companies as well as oil and energy companies are now owned by the state. ... |
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