Negotiations between the Venezuelan government and executives from the Ternium steel group to reach an agreement regarding how much compensation the government will pay for a controlling stake in steelmaker Sidor will wrap up on September 30, a member of Sidor's board confirmed to BNamericas.
"The plan is for negotiations to finish by the 30th of this month but we want to do this by the book and respect the rights established there," said Pedro Rondón, who represents Sidor employees who hold class B shares in the company.
Rondón added that the process to transfer the company to state power "can't last forever," and in his capacity as employee representative he asked President Hugo Chávez to speed up talks.
Chávez announced nationalization in April.
International press reported in August the parties had reached a US$1.65bn indemnity agreement for Ternium's shares.
The agreement supposedly involved Ternium keeping 10% of the company's shares and a representative on Sidor's board, leaving the Venezuelan state with 70.1% stake and the remaining 19.9% in the hands of employees.
The Sidor plant, located in Guayana city, has liquid steel capacity of 4.2Mt/y.
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