Chavez dares Ternium to sue steel takeover dispute

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Chavez dares Ternium to sue steel takeover dispute

posted on Jan 30, 2009 04:07PM

The Associated Press

Published: January 31, 2009

E-Mail Article

CARACAS, Venezuela: President Hugo Chavez on Friday all but dared the former owners of a steel maker he nationalized last year to sue his government for payment.

"Let them take us to court. If they do, worse for them," Chavez said, referring to Ternium SA, a subsidiary of the Argentine-Italian conglomerate Techint, which owned a 60 percent stake in Venezuelan steelmaker Sidor.

Venezuelan authorities have been locked in negotiations over a payment plan with Ternium since Sidor was taken over last year amid a wave of nationalizations by Chavez's government.

Without mentioning Ternium's name, Chavez on Friday claimed "the former private management of Sidor" was seeking $4 billion in exchange for its stake.