Wednesday April 9, 08:33 PM
Venezuela to nationalize Argentine-controlled steel firm
CARACAS (AFP) - Venezuela will nationalize the country's biggest steelmaker Ternium-Sidor, controlled by Argentine capital, after talks on a union contract broke down, Vice President Ramon Carrizales said Wednesday.
"Sidor is going to be nationalized. (Carrizales) tried to get the company to understand the workers' concerns but it did not accept, and in the end, the nationalization was announced," Jose Rodriguez, president of the Steelworkers union, explained by phone.
After 15 months of negotiations failed to bear fruit, President Hugo Chavez asked Carrizales to meet Tuesday with Ternium-Sidor management on a contract for almost 12,000 workers.
Rodriguez said that at 1:20 am local time (0550 GMT) Carrizales had announced the steel concern would be put into state hands.
The vice president later confirmed the pending move.
Chavez on Sunday underscored that his government was "pro-workers," and that foreign firms must "comply with (Venezuelan) laws."
Argentina's Techint owns 60 percent of Sidor, which produced 4.3 million tonnes of liquid steel in 2006.
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