Thursday, April 10, 2008

Venezuela nationalizes steel firm

Go to Al Jazeera original
The Venezuelan government has ordered the nationalisation of a large foreign-owned steelmaker, extending a wave of state takeovers of private companies.

Caracas said on Wednesday that Ternium Sidor would be taken into state hands, sending the Argentinian-Italian controlled company's shares plummeting.
The action comes after months of difficult negotiations between the company and its workers, who have been demanding better salaries and benefits.


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