Chavez threatens to expropriate steel mill

CARACAS, Venezuela, April 28 (UPI) -- Venezuelan President Hugo Chavez has threatened to expropriate a foreign steelmaker for making what he considers an excessive compensation demand.

Ternium SA, based in Luxembourg, asked the Venezuelan government for $4 billion for the Sidor steel mill, Venezuela's largest.

Chavez said he would not pay the $4 billion and that if the company doesn't make a more reasonable offer he will expropriate the company, El Universal reported Monday.

In recent years, Venezuela has nationalized several sectors of its economy, including cement production, and foreign-owned petroleum companies and electricity providers.