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Chavez calls for steel takeover | Chavez calls for steel takeover |
(about 7 hours later) | |
President Hugo Chavez has demanded that Venezuela's biggest steelmaker be expropriated - after government efforts to buy a majority stake failed. | President Hugo Chavez has demanded that Venezuela's biggest steelmaker be expropriated - after government efforts to buy a majority stake failed. |
Mr Chavez has set his sights on turning Siderurgica del Orinco (Sidor), which was 60% controlled by Luxembourg-based Ternium, into a "socialist company". | Mr Chavez has set his sights on turning Siderurgica del Orinco (Sidor), which was 60% controlled by Luxembourg-based Ternium, into a "socialist company". |
Talks to buy Ternium's stake collapsed when the sides could not agree a price. | Talks to buy Ternium's stake collapsed when the sides could not agree a price. |
Mr Chavez has taken control of foreign owned cement, telecommunications, electricity, oil and gas companies. | Mr Chavez has taken control of foreign owned cement, telecommunications, electricity, oil and gas companies. |
The president believes companies should concentrate on the domestic market before overseas sales, and has branded his reforms as "21st Century socialism". | The president believes companies should concentrate on the domestic market before overseas sales, and has branded his reforms as "21st Century socialism". |
Mr Chavez, whose government already owned 20% of Sidor, threatened to take control of the company last year unless it sold more of its steel in Venezuela. | Mr Chavez, whose government already owned 20% of Sidor, threatened to take control of the company last year unless it sold more of its steel in Venezuela. |
He has sided with workers, who wanted better pay and benefits. | He has sided with workers, who wanted better pay and benefits. |
Separately, the president has increased the country's minimum wage by about 30% to offset the impact of inflation caused by the soaring oil price. | |
The monthly minimum wage at is now $372, which Mr Chavez says is the highest in Latin America. |
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