September 07, 2008

Venezuela to pay right price for Ternium – Mr Chavez

Thomson Financial reported that Venezuela will pay what its considers the right price for Argentine steel business Ternium Sidor, which is 60% controlled by Argentina's Techint.

Mr Hugo Chavez president of Venezuelan in a broadcast over the weekend said that “We will pay what's fair, not the USD 4 billion that they are talking of. I have made it known to the boss of Techint we have seen the accounts and they have debts and taxes, they weren't paying taxes, they were declaring losses and they were taking all out of the country.”

According to the Venezuelan government, the steel works is worth around USD 800 million.