Venezuela nationalizes country's biggest steelmaker

05/13/2008 | Agence France-Presse

Venezuelan President Hugo Chavez nationalized the country's biggest steelmaker and its mining subsidiaries after the Argentine owners could not reach a labor agreement with its 12,000 workers. Chavez set a June 30 deadline for Argentina's Techint to transfer all assets in Ternium-Sidor to the government. Compensation discussions are still under way. Chavez also signed a new union contract with Ternium-Sidor workers Monday. Venezuela nationalized its oil fields in 2006 and more recently cement companies run by Mexican and French groups.

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