Venezuela begins buying remaining 20 percent stake in steelmaker Sidor

Venezuela on Thursday began buying the remaining 20 percent of shares in steelmaker Sidor from workers and retirees in a $667 million operation that will give the state full ownership of the firm, a source familiar with the situation said. Late socialist leader Hugo Chavez in 2008 nationalized the firm by taking over the 80 percent stake held by Argentina's Ternium, but its productivity has plummeted since then due to operational problems and chronic labor conflict. More...