MercoPress, en Español

Montevideo, February 8th 2023 - 04:02 UTC



Chavez nationalization addiction intensifies: steel, glass, real estate developers

Wednesday, November 3rd 2010 - 23:41 UTC
Full article 3 comments
“To the benefit of the middle class”, says Chavez “To the benefit of the middle class”, says Chavez

Venezuelan President Hugo Chavez announced the nationalization of steelmaker Sidetur and of several real estate developers that failed to complete housing projects.

Chavez broke the news Sunday on a six-hour edition of his weekly television program, a week after announcing in the same venue that his government was nationalizing the Venezuelan division of U.S.-owned Owens-Illinois Inc., the world leader in the manufacture of glass containers.

Sidetur, an affiliate of Venezuela’s biggest private steelmaker, Sivensa, processes scrap and manufactures rebar – 40% of the national production of that material – along with wire rod or construction cable, as well as cross sections for metal carpentry.

The firm has six plants in Caracas, Guarenas, Valencia, Barquisimeto and Puerto Ordaz.

The leftist president also announced on Sunday the expropriation of six real estate projects, most of them located in Greater Caracas.

Concerning that, Chavez said that the measures were being carried out to benefit the middle class since many of the affected dwellings were paid for but had not been completed because work had become paralyzed there.

Chavez began his plan to nationalize “strategic sectors” of the economy in January 2007, and since then dozens of firms – mainly in the energy, telecommunications, steel, banking and food sectors – have been expropriated and put under state control. He has also expropriated thousands of acres of land to distribute among peasants.


Categories: Politics, Latin America.

Top Comments

Disclaimer & comment rules
  • Sparticus

    Don't you just love Hugo, a classic lesson for budding students of politics. How marxism can destroy a country!!!

    Nov 04th, 2010 - 04:46 pm 0
  • Fido Dido

    doesn't Marxism work for rich people who are comfortable in a palace?

    Nov 04th, 2010 - 08:34 pm 0
  • Wireless

    If all nations in Latin America take this protectionist stance, then their markets will be limited outside of Latin America, typically trade will get to the stage of being with other protectionist states, such as Iran, China, North Korea, etc.,, and progress will slow to a standstill.
    External investment will cease, advanced technology will become scarse as these countries start to evolve outside of the rest of the Global Community as free democracies sever links and technological exports.
    Latin America will therefore start to fall behind developing countries within Africa and Asia that decide to remain Global in terms of trade.
    Maybe this is what Fido Dido wants, not sure all the population in his country thinks the same, but then they may do, who knows?
    Does it matter to me? No.

    Nov 06th, 2010 - 11:44 pm 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!