Venezuela is mulling the possibility of offering Ternium SA a 10 percent stake in its largest steel maker. Ternium is a subsidiary of Argentine-Italian conglomerate Techint. Venezuela nationalized the Sidor steel maker last year, but the government of President Hugo Chavez is still negotiating conspensation payment with Ternium, which owned 60 percent of Sidor. Mining Minister Rodolfo Sanz said Tuesday that Venezuela could offer Ternium minority ownership of Sidor as part of payment. Sanz said he expects negotiations with Ternium to conclude within 15 days. Chavez has moved to nationalize key industries in Venezuela, including the South American country's largest telephone company, electric utilities and oil fields.
Tuesday, January 13, 2009
Posted by News Desk at 8:48 PM