Venezuela's Chavez to nationalise cement industry

President Hugo Chavez has ordered the nationalization of Venezuela's cement industry, whose main foreign players are France's Lafarge SA, Switzerland's Holcim and Mexico's Cemex SAB.

The country cannot allow businesses to continue exporting raw materials needed to help tackle a domestic housing shortage, but the companies involved will be paid fair compensation, he said in a nationally televised address Thursday.

Holcim operates two plants in Venezuela with a production capacity of roughly 2.4 million tons of cement a year, while Cemex runs three plants with 2.4 million tons capacity. Lafarge has two plants of 1.5 million tons.

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- Posted: 2008-04-04 09:07:05

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