Venezuela nationalises iron and steel industry

Venezuela nationalises iron and steel industry. VENEZUELA has nationalised a number of iron and steel companies in more moves toward a large socialist, state-run enterprise. Venezuelan President Hugo Chavez says the state now owns steel pipe makers Matesi, Consigua, Ceramicas Carabobo, Tavsa, and International Briquettes Holding’s subsidiaries Orinoco Iron and Venprecar. The local unit of transnational steel pipe maker Tenaris was also expropriated. Together, the affected companies produce millions of tonnes of iron annually. The announcement also saw a wage rise for thousands of workers and a cut in management salaries. The Venezuelan government has nationalised a number of industries since 2007, including telecommunications, electricity, cement and oil. Government-owned Venezuelan Petroleum also recently took over 39 oil companies, many of which were previously owned by foreign businesses.