Venezuelan President Hugo Chavez has threatened to nationalize the country's largest steel producer, Sidor, in an attempt to force the private sector to contribute more to the national economy.
Chavez' threat to take over Sidor follows a string of recent efforts on his part to nationalize private businesses in Venezuela, including banks, electricity companies and oil companies.
According to Chavez, Sidor "has created a monopoly" and has sold the majority of its production overseas, forcing local producers to import pipes from other locations.
The company should give national industries priority, he said, ordering Mining Minister Jose Khan to return from Sidor's headquarters with a recommendation within 24 hours.
Many believe that the nationalization of Sidor may only be a threat, as Chavez would be going up against Argentine President Nestor Kirchner if he tried to nationalize Sidor. Sidor's parent company, Ternium, is controlled by Argentine conglomerate Techint Group.
Chavez' nationalization drive began in January, when his administration started to impose state control over "strategic" companies, taking over multi-billion dollar oil companies, only announcing this week that the government would not be paying cash compensation to them.
"Here we are making an effort to march together - the government, the workers and the people - towards socialism," Chavez said.