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Venezuela Looks to Nationalize Tenaris Subsidiaries
05/22/2009 - Venezuela's President Hugo Chávez announces the decision to nationalize Tenaris SA’s majority-owned subsidiaries Tavsa, Matesi, and Comsigua.
Venezuela's President Hugo Chávez has announced the decision to nationalize Tenaris SA’s majority-owned subsidiaries Tubos de Acero de Venezuela SA (Tavsa, a seamless pipe producer); Materiales Siderúrgicos SA (Matesi, an HBI joint venture between Tenaris and Sidor);and its minority interest in HBI producer Complejo Siderúrgico de Guayana, CA (Comsigua, an HBI joint venture with Kobe Steel).
In a published statement, Tenaris said that details have not yet been provided regarding the expropriation process.
The announcement by Chávez follows the Venezuelan government’s indication of interest in, and ultimately, the takeover and nationalization last year of Sidor, the country’s largest steelmaker, from Ternium SA
Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.
