Venezuela has announced that it will invest US$900 million in the country's largest steelmaker Sidor, which was brought under state control in June.
Mining Minister Rodolfo Sanz told press that President Hugo Chavez approved the investment to raise Sidor's annual production of liquid steel by 3 million tons, to reach a total of 7 million tons. The expansion will take place over four years, Mr. Sanz said.
Mr. Sanz did not comment on how much Venezuela will pay Sidor's majority shareholder, Ternium, for its stake in the company.
President Hugo Chavez officially decreed the nationalization of Sidor in mid-May 2008, and the state took over control of the company one month later.