Steel manufacturer Ternium S.A. announced Tuesday that it has reached agreement with Corporación Venezolana de Guayana, or CVG, on the rescheduling of the unpaid balance (US$257.4 million) of its compensation for the transfer of Ternium's interest in Sidor to Venezuela.
Under the terms of the agreement, CVG will pay US$7 million within 10 business days and the remainder in five quarterly installments, with the first such installment being due on February 15, 2011.
Ternium continues to reserve all of its rights under contracts, investment treaties and Venezuelan and international law in the event of non-payment of the amounts still owing to it.