A decree has been signed by Venezuelan President Hugo Chavez to formally nationalize the country's largest steelmaker, Sidor.
In addition to signing the decree, Chavez also appointed Industry and Mining Minster Rodolfo Sanz as the company's new president.
The Venezuelan government already owns 20 percent of Sidor, but Argentina's Ternium owns the majority of the firm and has been given until the end of June to hand it over. The Venezuelan government has agreed to compensate Ternium for its portion of the company, though the two parties have yet to agree on a price.