Chavez threatens to nationalize largest steel maker, banks – Yahoo! News

It’s not clear what effect this will have on metal stampers. The concern here is steel pipe for the oil industry, which is quite a different economic marketplace. However, Sidor makes other steel products, including coil. There may be indirect effects if he succeeds in “re-prioritizing” Sidor.

Venezuelan President Hugo Chavez threatened Thursday to nationalize the country’s largest steel company and private banks unless they make national interests a priority.

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In a nationally televised speech, the leftist president said he would nationalize steel maker Sidor if it continued to sell its products abroad instead of selling them to domestic industries, particularly in the oil sector.

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Chavez said that Sidor — a multinational steel maker that makes 60,000 tons of tubes for the oil industry — “had created a monopoly through its relationships with other companies and they only supply the raw material to these companies, leaving us to import these tubes from China.”

Sidor (Ternium) web site in English: http://www.ternium.com/en/

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