Chavez nationalizes iron and steel firms

Chavez nationalizes iron and steel firms Caracas  - Venezuela's President Hugo Chavez announced the nationalization of five steel firms in a Thursday television address, extending the state's grip on the country's industries.

The move is part of a plan to create a single socialist industrial complex, he said.

The firms affected are Matesi, a joint venture between Venezuela's Sidor and Luxembourg-based steel-pipe maker Tenaris SA, Consigua, Venprecar, Tavsa as well as the US-financed Orinoco Iron.

Consigua's sharholders include Japanese companies Kobe Steel Ltd, Mitsui Group and Sojitz Corp.

The companies' products include pipes and iron briquettes, which they manufacture in Bolivar state in the south of the country.

At the same time, Chavez announced the nationalization of ceramics manufacturer Ceramicas Carabobo SA.

Chavez recently nationalized a number of oil industry supply firms, some of them also backed by foreign capital. (dpa)