Chavez Nationalizes Steelmaker

The tyranny of socialism continues.

President Hugo Chavez has signed a decree to nationalise Venezuela’s biggest steelmaker, Ternium-Sidor.

Argentina’s Techint, which owns 60% of it, has been given until the end of June to hand it over.

In the past two years the Venezuelan state has taken over foreign-controlled companies including cement, telecoms, oil, gas and electricity firms.

President Chavez threatened to nationalise the steelmaker after trade union talks broke down last month.