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Ternium, Venezuelan Government Plan for Sidor Nationalization Process

04/18/2008 - Following confirmation of the Venezuelan government's decision to nationalize Sidor, Ternium SA has announced that Ternium, Sidor and the Venezuelan government have entered into an agreement for the creation of a transition committee.

Following confirmation of the Venezuelan government's decision to nationalize Sidor, Ternium SA has announced that Ternium, Sidor and the Venezuelan government have entered into an agreement for the creation of a transition committee.
 
The transition committee will comprise representatives of the government, the union and Sidor's Class B shareholders. The committee will oversee Sidor's operations during the transition period until the nationalization is completed, acting in coordination with Sidor's Board of Directors.
 
Discussions are expected to begin immediately among representatives of Ternium and the Venezuelan government regarding the terms and conditions under which all or a significant part of Ternium's interest in Sidor should be transferred to the government.
Ternium is one of the leading steel companies in the Americas, offering a wide range of flat and long steel products. With its main operations in Mexico, Venezuela, and Argentina and 21,000 employees, Ternium had in 2007 annual sales of approximately US$8 billion and annual shipments of approximately 10 million tons of finished steel products.