Venezuelan President Hugo Chavez said Tuesday his government is close to a compensation deal for the nationalization of Venezuela's largest steelmaker, Sidor. Chavez did not give more specifics on the pending «friendly agreement» with Siderurgica del Orinoco, which was controlled by Luxembourg-based Ternium SA until it was officially taken over in May by presidential decree. Chavez accused the company of exploiting workers. «We have arrived at a point of agreement on the fair price for this Ternium Sidor company, and now we're working out how to pay,» Chavez said after meeting with the presidents of Argentina and Brazil at a Mercosur trade bloc summit.
«About 10 percent of the private capital could stay with us,» he added. Ternium is 60 percent owned by Italian-Argentine conglomerate Techint. Ternium representatives in Argentina and Venezuela could not be reached for comment Tuesday evening.
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