Cemex loses plant in Venezuela

Venezuela seized foreign-owned cement plants on Tuesday in a show of strength as President Hugo Chavez (left) moves forward with a plan to make the top oil exporter in South America a socialist society. To cheers from workers gathered at the gates, Venezuela took control of installations belonging to Cemex exactly at midnight after failing to reach a deal in cement nationalization talks. Chavez, determined to build a state-dominated economy in Venezuela, has already taken oil and telecommunications companies from private hands and is buying a large Spanish-owned bank and a steel company. Despite losing a referendum last year that would have given him wider scope to remake the economy, the former paratrooper last month used decree powers to pass a package of laws giving the state greater powers to intervene in sectors such as food.

"Their time is up and they move into the hands of the state," Chavez said at a political rally late on Monday. Chavez wants the cement companies, as well as a major steel plant he is buying from an Argentine group, to help meet the home-building and infrastructure goals his administration has struggled with. Source: Wire reports. Your comment?