El Universal and El Nacional reported that workers at Venezuela's largest steelmaker, Argentine controlled Ternium Sidor, halted output for a day in a dispute over benefits.

As per report, thousands of workers held the 24 hour stoppage that started late Wednesday to demand Sidor increase its pay offer in collective contract talks being monitored by the government.

Sidor, which Mr Chavez threatened last year to nationalize, complained to the government that the stoppage was illegal.

Argentina's Ternium has a 60% stake in Sidor, with workers, pensioners and the state holding the remaining portion.