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Chavez announces nationalization of steel companies
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President Hugo Chavez has announced the nationalization of several steel companies in the country, to pave way for a large "socialist" state-run enterprise, without giving details on the venture.

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

Chavez named Matesi, Consigua, Ceramicas Carabobo, steel tube maker Tavsa, as well as Orinoco Iron and Venprecar, which belong to the 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.

"Venezuelan workers are going to give a lesson to the world on how the working class has been resuscitated to make a revolution!" he told steel workers in the western state of Bolivar.

The workers stood and sung the national anthem.


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