Venezuela's Chavez to Take Control of Ternium Unit
By Matthew Walter and Daniel Cancel
April 9 (Bloomberg) -- Venezuela's government will nationalize Luxembourg-based Ternium
SA's local steel-making unit after the company failed to reach an agreement for a new contract with union workers.
Venezuelan President Hugo Chavez decided to assume control after Terniums's Siderurgica del Orinoco, or Sidor, Venezuela's biggest maker of flat-steel products, said yesterday it wouldn't meet workers' demands on pay and benefits, Venezuelan Executive Vice President Ramon Carrizalez said.
``Chavez made the decision last night to assume control of Sidor,'' Carrizalez said today in comments broadcast by state television. ``The company dehumanized its workers, they burned their hands, the hands that allow the company to make large quantities of money.''
The decision comes days after Chavez announced plans to nationalize the local subsidiaries of three foreign cement companies. Venezuela, the fourth-biggest supplier of foreign oil to the U.S., has tapped revenue from crude exports to nationalize oil ventures and the country's biggest electricity and telephone companies since 2006.
By Matthew Walter and Daniel Cancel
April 9 (Bloomberg) -- Venezuela's government will nationalize Luxembourg-based Ternium
SA's local steel-making unit after the company failed to reach an agreement for a new contract with union workers.
Venezuelan President Hugo Chavez decided to assume control after Terniums's Siderurgica del Orinoco, or Sidor, Venezuela's biggest maker of flat-steel products, said yesterday it wouldn't meet workers' demands on pay and benefits, Venezuelan Executive Vice President Ramon Carrizalez said.
``Chavez made the decision last night to assume control of Sidor,'' Carrizalez said today in comments broadcast by state television. ``The company dehumanized its workers, they burned their hands, the hands that allow the company to make large quantities of money.''
The decision comes days after Chavez announced plans to nationalize the local subsidiaries of three foreign cement companies. Venezuela, the fourth-biggest supplier of foreign oil to the U.S., has tapped revenue from crude exports to nationalize oil ventures and the country's biggest electricity and telephone companies since 2006.
No comments:
Post a Comment