Sidetur taken over

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]