News / World
Venezuela to Nationalize Cement Firms
Venezuela’s President Hugo Chavez has announced plans to nationalize his country’s cement industry, revealing plans to purchase shares of Holcim and Lafarge subsidiaries currently operating in the South American country.
The move is further evidence that Chavez is continuing to push his country in the direction of what he has called “21st-Century Socialism.”
Chavez has long accused cement firms of exploiting citizens of Venezuela and he has said the nationalizing of the industry would push the country closer to meeting the demands for housing.
According to reports Chavez wants to secure at least 60% ownership of cement companies.
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