Atlas Puked...
Posted on 04/27/2008 4:29:16 PM PDT by DeaconBenjamin
CARACAS, VENEZUELA: President Hugo Chavez threatened on Sunday to expropriate Venezuela's largest steel maker due to what he said are the soon-to-be-nationalized company's excessive compensation demands.
Chavez said he could not help but laugh when he heard that Sidor's parent company, Luxembourg-based Ternium SA, is asking for at least US$4 billion (euro2.56 billion) in compensation for its 60 percent stake in Sidor.
"I'm not going to pay $4 billion for that company," Chavez said during his Sunday radio and television program. "If they don't want to reach an agreement with us, I'll sign an expropriation decree. I'll take immediate control over the company."
Chavez ordered the nationalization of Sidor earlier this month, after months of tense negotiations between the firm and workers, who are demanding better salaries and benefits.
Ternium SA is controlled by Argentine-Italian conglomerate Techint Group. Ternium currently owns 60 percent of Sidor, while the Venezuelan government holds 20 percent. The remainder is in the hands of current and former employees.
Sidor - whose formal name is Siderurgica del Orinoco - was privatized in 1998. The conglomerate produces about 85 percent of the 5 million metric tons (5.5 million US tons) of steel produced annually in Venezuela, according to the Belgium-based International Iron and Steel Institute.
The nationalization of key industries has been a centerpiece of Chavez's socialist agenda. The government seized majority control last year of joint oil ventures previously controlled by some of the world's top oil companies, along with the country's largest telecommunications and electricity companies.
Chavez also announced plans earlier this month to nationalize major cement companies. His government is currently holding talks with Mexico's Cemex SAB, France's Lafarge SA and Switzerland's Holcim Ltd. Chavez has said the companies will be allowed to stay on as minority partners.
I'm sure they'll have much better pay and benefits after it's nationalized. hahahaha.
Chavez is a hero to the American left.
Criminal Chavez uses 25 cent word to justify his robbing and thieving.
Stroke of the pen, law of the land. Kinda cool. /bubba
Chavez is a hero to the American left.
LETS SEND THEM ALL ON A PERMANENT VACATION, THIS COULD BE THE VERY UTOPIA THEY HAVE BEEN TRYING TO FORCE ON US FOR YEARS.
Hahahaha, and Brussels will...check to see if protesting the expropriation violates the Human Rights Act. LOL!
Chavez said about 3 weeks ago that he was going to nationalize Rusoro Mining as well. I posted on a thread on FR that attempting to nationalize Rusoro could get Hugo dead. Rusoro is Russias largest precious metal miner and base metals are a substantial business as well. Rusoro is owned primarily by the Agopov clan, Andre and Vladimir. They are big Russian mafia players. They were involved in some shady deals you may have heard about with Bubba Clinton and Marc Rich and a whole slew of nasty characters.
To make a long story short, Rusoro had the top Venezuelan Ministers in charge of mining, etc. out to visit their mining properties. Two days later Hugo announced that Rusoro was going to stay private. Rusoro either paid them off or more likely I believe, the Venezuelan Minister found himself staring down a bottomless mine shaft.
Even better than that the employees will all be paid the same without working harder or producing more! Then to lower unemployement they'll higher 5 people to do the same job as one. So then all 5 will sit around and get paid the same to do nothing.
Ain't Communism great?
Sidor ought to turn off the power and let all the smelters cool...
Atlas Puked...
Wasn't it Podesta?
I think it was Podesta. Or Chavez. One of those guys.
Shut off the cooling water, but leave the smelters running. If they just let them cool the steel and slag solidify and have to be dug out. Without cooling the whole smelter will quickly melt into a puddle of man made lava.
Venezuela is going to be Zimbabwe if Chavez keeps it up.
Chilling ...
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