SIDOR
| State-owned company | |
| Industry | Steel Holding |
| Founded | 1953 |
| Headquarters | Caracas, Venezuela. |
| Products | Steel |
Number of employees | 13,000 |
| Website | Sidor Web Page |
Siderúrgica de Orinoco C.A. "Alfredo Maneiro" (Sidor) is the biggest Venezuelan steel corporation. The company is situated in an industrial zone in Ciudad Guayana, Bolívar State, near the Orinoco River. Major iron deposits were found in the area in 1926 and 1947. The plant was designed to make use of hydro-electricity from the river Caroni.
History
Founded in 1953 as a public company, it was privatised in 1997 under President Rafael Caldera, with a 60% stake going to Argentina's Ternium.
It was renationalised in mid-2008 under Hugo Chávez[1][2] following a series of industrial disputes over pay which had paralysed the company for over year.[3] In early 2009 compensation of around $1.65bn was nearly agreed for the nationalisation of Ternium's 59.7% stake, with Ternium also keeping a 10% stake in the company.[4] In May 2009 a final compensation total of $1.97bn was agreed.[5]
According to Venezuelanalysis.com, Bolívar governor Francisco Rangel Gómez, while on the negotiation commission to resolve the dispute, "ordered the National Guard to fire on protesting Sidor workers."[6] In April 2008 Hugo Chavez ordered SIDOR to be nationalised.[7]
References
- ↑ Venezuela nationalizes steel industry, CNN, May 1, 2008
- ↑ Reuters, 26 April 2008, Venezuela says Ternium Sidor stake worth $800 mln
- ↑ Reuters, 30 January 2008, Thousands strike at Venezuela's Sidor steel
- ↑ Business News Americas, 20 January 2009, Ternium agrees to receive Sidor payment in two installments - Venezuela
- ↑ Venezuelanalysis, 8 May 2009, Venezuela and Ternium Reach Final Compensation Agreement for SIDOR Steel Plant
- ↑ Venezuelanalysis.com, 26 July 2009, Venezuela: Class Struggle Heats up over Battle for Workers’ Control
- ↑ Venezuelanalysis.com, 16 April 2008, Venezuelan Labor Minister Dismissed