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 following a series of industrial disputes over pay which had paralysed the company for over year. 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. In May 2009 a final compensation total of $1.97bn was agreed.
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." In April 2008 Hugo Chavez acquiesced to the workers' demands and ordered SIDOR to be nationalised.
Read more about this topic: SIDOR
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