Venezuela Takes Over Tenaris Subsidiary

[Lt-Col A. Tack]

Venezuela Takes Over Tenaris Subsidiary

Manufacturing.Net - August 20, 2009

CARACAS, Venezuela (AP)

Luxembourg-based steel maker Tenaris SA says President Hugo Chavez's government has followed through on plans to take over its Venezuelan subsidiary.

Chavez ordered the takeover of iron maker Materiales Siderurgicos SA, or Matesi, in May.

He said the government would also nationalize five other metal and ceramic companies as it aims to build an industrial complex.

Tenaris says in a statement it's prepared to negotiate "fair and adequate terms" for the takeover. Tenaris is a subsidiary of Argentine-Italian conglomerate Technit.

Officials at Matesi could not be reached for comment Thursday.

Chavez's government has also nationalized major steel, cement and electricity companies.

Link (http://www.manufacturing.net/article.aspx?id=213492)

[RxOnco]

With the recent moves by the Obama administration, I think he started to feel a bit left out among his peers.

[Panchito12]

He said the government would also nationalize five other metal and ceramic companies as it aims to build an industrial complex.


Oh those wacky leftist with their 1930's-style obsolete heavy industry dreams. This one has "insolvency" written all over its future.

[Lt-Col A. Tack]

With the recent moves by the Obama administration, I think he started to feel a bit left out among his peers.
Some of the comments on the article at Manufacturing.Net were along the same lines.


Oh those wacky leftist with their 1930's-style obsolete heavy industry dreams. This one has "insolvency" written all over its future.

This is the kind of thing that really causes capitalists to avoid investing your country.

And I doubt governments can be credited with significant innovation.