Venezuelan President Hugo Chavez took over, stole, nationalized the largest steelmaker in Venezuela, Ternium-Sidor. Chavez’s minister of basic industries and mining, Rodolfo Sanz, has been appointed as the new company president, and has given the company until the end of June to hand it over.
In the past two years the Venezuelan state has taken over foreign-controlled companies (Exxon Mobil, Chevron, and ConocoPhillips) including cement, telecoms, oil, gas and electricity firms, print and broadcast media. Now the hemisphere’s idiot, President Hugo Chavez, is taking over the steelmaker after trade union talks broke down last month. The workers wanted better pay and benefits.
A better example could not be made to highlight the failure of socialism and communism. While sitting on one of the worlds largest supplies of natural resources, the Venezuelan people can’t afford what little food is still on shelves in the grocery stores, some of which have also been nationalized.
And yet, he is still the dictator that Democrats love to coddle.
related links: Venezuela takes over steel firm