President Hugo Chavez has formally signed a Decree to nationalize Siderurgica del Orinoco (SIDOR) -- the giant Venezuelan steel corporation -- and to take full control of the largest corporative entity in Venezuela's heavy industry sector. He has also appointed Basic Industries & Mining (Mibam) Minister Rodolfo Sanz as Sidor's new executive president saying "Today is certainly an historical day, a day of popular victory for the workers ... the workers themselves must now choose a vice president to work alongside Rodolfo Sanz as Sidor's new president."

Chavez said that a transition commission will be created from members of his own executive to work together with steel industry employees -- "The transition commission will have workers elected by the working classes -- I have appointed Labor Minister Roberto Hernandez and Light Industry & Commerce Minister William Contreras as well as General Jose Gregorio Montilla Pantoja to set about the total recovery of the steel corporation and during that transition period there will be a firing freeze in force as added security for the workforce."

"The new decree will allow the central government to re-organize the country's mining and steel sectors as a function of this socialist project," Chavez told a nationally televized audience. "By June 30, SIDOR will have been completely transferred to state ownership."