Friday, May 22, 2009

Hugo Chavez nationalizes iron, steel companies

Silly dictator!! Nationalization is for REAL tyrants, like Geitner and Obama, not the petty variety. Barack Obama can nationalize more industries in a single day than Chavez can in a month.

CARACAS (AFP) — Venezuelan President Hugo Chavez announced the government would nationalize several iron and steel companies to pave way for a large "socialist" state-run enterprise.

"There is nothing to discuss. We've been on this for a long time," Chavez said in a televised address Thursday, ordering the beginning of "a process of nationalization to create an industrial complex."

Chavez, who has nationalized many of the mineral-rich country's biggest industries, named Matesi, Consigua, Ceramicas Carabobo and Tavsa, which produces seamless steel
pipes for the oil industry.

Also affected were Orinoco Iron and Venprecar, subsidiaries of Venezuelan-owned International Briquettes Holding (IBH), which exports iron briquettes.

The announcement is the start of a "transition" so that these companies can become the "solid platform of socialism," he said.