Skip to main content
/world
  Edition: U.S. | Arabic | Set Pref

Venezuela nationalizes steel industry

  • Story Highlights
  • President Hugo Chavez of Venezuela signs a decree to nationalize Sidor
  • Sidor is Venezuela's leading steel producer
  • The Argentine company Ternium owns the majority of shares in Sidor
  • Chavez's leftist administration has nationalized companies from several industries
  • Next Article in World »
Decrease font Decrease font
Enlarge font Enlarge font

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

art.chavez.afp.gi.jpg

President Hugo Chavez of Venezuela has nationalized companies from several industries.

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, a Mexican firm; Holcim of Switzerland and Lafarge, which is based in France. Those companies control 92 percent of the cement market in Venezuela.

Don't Miss

  • Venezuela nationalizes cement companies

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. E-mail to a friend E-mail to a friend

All About VenezuelaHugo Chavez

  • E-mail
  • Save
  • Print
Home  |  Asia  |  Europe  |  U.S.  |  World  |  World Business  |  Technology  |  Entertainment  |  World Sport  |  Travel
Podcasts  |  Blogs  |  CNN Mobile  |  RSS Feeds  |  Email Alerts  |  CNN Radio  |  Site Map
© 2009 Cable News Network. A Time Warner Company. All Rights Reserved.