Sidetur taken over

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Private steel company Sidetur (Siderúrgica del Turbio) was seized by the Chaverment this week.

The company’s board indicated in a written statement that its offices, assets and funds are now controlled by the State, under the National Steelmaking Complex banner.

Two years ago, Sidetur was expropiated, but the Chavernment had vowed to pay its owners. Looks like that deal fell through.

This sudden move confirms that Sidor is indeed facing a deep crisis. [HT: Miguel]

1 COMMENT

    • If and when Chavismo is defeated, there will be no meaningful industry left in Venezuela apart from oil extraction. Sure, there will be Aluminum plants and steel plants, but they will be loss making jokes lacking human capital. Germany after world war 2 clearly showed that its the people living in a country and their level of education that makes the difference, not the number of machines sitting there. Without motivated educated workers and managers, Venezuelan industry will be a farce.

      • There will be motivated and educated workers and managers (I really don’t care about their national origin only that after a while they feel Venezuelan), and there will be an industry in Venezuela.

        If only the ******* Venezuelan government, whatever it’s sign would keep its ****** hands out of industry and of trying to run it into the ground, er develop it.

      • Actually those companies were already “loss making jokes” before they were nationalized. After nationalization they will increase production and direct that production toward building the Venezuelan economy. How do we know this? Because every major company that has been nationalized has seen a significant increase in production and efficiency compared to its “loss making” performance when it was managed by the private sector.

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