Published: Friday, May 4, 2007 18:29 (GMT -0400)
By Harvey Beltrán
Business News Americas
Venezuela’s President Hugo Chávez has announced that he will nationalize the steelmaker Ternium Sidor if it continues its so-called industrial policy of monopolizing steel production.
“If the Sidor company… decides not to change its approach immediately, I will be forced to nationalize it, just as we have done with Cantv. We must do away with monopolies,” Chávez was quoted by state news agency ABN as saying.
Ternium Sidor produces steel necessary for tube manufacturing and ships it to a group of companies while others that need the raw material have no access to it, according to the president. “We have to bring in tubes from China and that can’t be allowed,” he said. More…