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Chavez threatens to expropriate steel mill
Published: April 28, 2008 at 11:36 PM
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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.
© 2008 United Press International, Inc. All Rights Reserved.
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