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Hugo Chavez Nationalizes Yet Another Industry

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Ben:
When are these business / plant owners gonna start sabotaging or simply blowing up their facilities before they get booted out? On the other hand, as I've mentioned before, he's booting out the foreign expertise as well, so eventually stuff is gonna break down unless China or somebody bails him out in exchange for his oil (which is crappy and involves high tech for extraction).

Chavez is the closest real life example of an "Atlas Shrugged" scenario that I've ever seen. Who knew Ayn Rand was writing a non-fiction text?

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http://news.bbc.co.uk/2/hi/business/7397326.stm

 Venezuela takes over steel firm

President Hugo Chavez has signed a decree to nationalise Venezuela's biggest steelmaker, Ternium-Sidor.

Argentina's Techint, which owns 60% of it, has been given until the end of June to hand it over.

In the past two years the Venezuelan state has taken over foreign-controlled companies including cement, telecoms, oil, gas and electricity firms.

President Chavez threatened to nationalise the steelmaker after trade union talks broke down last month.

The workers wanted better pay and benefits.

Talks between the government and Techint broke down earlier this month when a price for the controlling stake could not be agreed.

Rodolfo Sanz, minister of basic industries and mining, has been appointed as the new president of Ternium-Sidor.

The government already owned 20% of the shares and had first threatened to take control of the company last year unless its owners agreed to sell more of its steel in Venezuela.

Sergeant Bob:
Ah yes, another worker's paradise.

El Tejon:
Let's not give President Obama any ideas.

I have seen calls to take the airline industry, oil industry and others "off the market".  No question Obama will make a grab for everything he can.

Manedwolf:
Good luck running an arc furnace without skilled employees and technicians from the parent company to keep it going.

Maybe they could get Chavez to personally inspect it while they push buttons.

The Annoyed Man:

--- Quote ---Argentina's Techint, which owns 60% of it, has been given until the end of June to hand it over plant explosives in vital places on every plant.There. Corrected it. If they have the balls to do it that is...

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