Chavez threatens to expropriate steel mill

Published: April 28, 2008 at 11:36 PM

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.
Order reprints



Additional News Stories
FDA announces Chinese herb recall (10 min)
Crude oil prices gain on weak dollar (13 min)
GM may take time to find new CEO (53 min)
Shuttle Endeavour readied for a space trip (59 min)
Bernanke confirmation hits early wrinkle
Canada recalls Western-brand cream cheese
FDA approves hereditary angioedema drug
fark
Join TeamFark in the DARPA Network Challenge and help us win big bucks for Toys For Tots. DIT
Let's go over this again - if you're going to steal from a store, don't kill some time there beforehand...
Unarmed, naked man stands in his yard, threatens to kill cops with his extreme naked-fu
Trying to beat a murder rap? Don't rap about it on YouTube
Southerners have a higher risk of stroke, especially with their sister
Australian nursing tribunal confirms that "getting stoned and getting laid" is not on the approved...