Associated Press reported that Venezuela’s government will pay a fair price for an expropriated steel company taken over by the state.

Venezuela’s Industries Minister Mr Ricardo Menendez defended the government’s actions after the steel maker’s former owners complained that President Hugo Chavez’s government hasn’t paid for Siderurgica del Turbio SA, or Sidetur.

He said “It’s normal that in the process of nationalization, control is taken of the operations, we agree subsequently on the value of the companies and we begin to pay.”

Chavez ordered the expropriation of the company’s assets in 2010. It was Venezuela’s largest privately owned steel producer.

Source - The Associated Press

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