Cemex open to talks with Venezuela on cement industry nationalization

摘要

Monterrey, Mexico-based Cemex S.A.B. de C.V. was quick to respond to Venezuelan President Hugo Chavez's April 3 order to nationalize his nation's cement industry in an effort to stop businesses from exporting raw materials required to help tackle the country's housing shortage. No time line was given for the process, although Chavez indicated the nationalization would happen soon. In a televised address to the nation, Chavez, who has been facing criticism for failing to follow through on promises of new housing and other building projects, said the cement companies operating in Venezuela (which also includes France's Lafarge SA and Switzerland's Holcim Ltd.) will receive fair compensation during the takeover process. Also promising to modernize the cement plants as part of the process, Chavez made this announcement on the heals of similar 2007 actions in which he nationalized the country's natural gas and oil, electricity, and telecommunications industries in the interest of pushing Venezuela toward "21st century socialism." In the past, he has voiced his displeasure at the high cost of construction materials and threatened to seize control of companies failing to provide low-cost cement for local markets.