CVG commission takes over management of Siderurgica del Orinoco (Sidor) as established in Chavez' decree issued in May

VHeadline Venezuela News reports: Venezuela's Basic Industries & Mines (Mibam) Minister Rodolfo Sanz has told a press conference in Ciudad Guayana that a commission headed by representatives of the Venezuelan Guayana Corporation (CVG) -- of which he is also president -- took over management of all production operations, marketing, shipping and human resources of Siderurgica del Orinoco (Sidor) on Saturday under provisions established in a decree issued in May (2008) by President Hugo Chavez Frias.

The giant steelworks -- which produces more than 4.3 million tonnes of crude steel per year -- passed from the hands of its previous owners, Argentine-Mexican Ternium after a judicial inspection of the premises in Ciudad Guayana conducted by Caroni Civil & Administrative district judge Zuleima Fermin who delivered a report reflecting the total inventory of equipment, raw materials and other resources as provided by Ternium to the Venezuelan State.

Minister Sanz said a deadline established in Chavez' decree for delivery of Sidor to the Venezuelan State had been set for June 30, 2008 and, with an extension of 12 days, it had been formally met on Saturday to the satisfaction of all parties concerned. "Operational control was handed over amicably by Ternium, despite the fact that a price has not yet been agreed for majority shareholder control by the Venezuelan State.

Sanz said a new, temporary, steering committee of four CVG staff members and two from Ternium, will be headed by the current general manager of planning & monitoring, Miguel Alvarez Cadiz, who is the CVG expert in of metallurgical research. The names of the remaining State representatives will be decided next Monday at which stage the previous Sidor board will formally resign in favor of the new management team.

However, the new managers and departmental engineers and other professionals, previously trained at Ternium-Sidor, know the operational processes very well and the CVG is already undertaking a review of responsibilities with recommendations and proposals from both the workers and area specialists to designate those who are best able to control the company's future.

President Hugo Chavez has also stated that the full value of what is to be paid by the Venezuela State to Ternium will be finalized within the next forty days after a comprehensive audit to established a fair price has been concluded.

VHeadline Venezuela News
vheadline@gmail.com

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