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Venezuela Nationalizes Metal Companies

Venezuelan President Hugo Chavez says his government is taking over several metal companies.

He announced Saturday Venezuela will nationalize businesses including Matesi, which produces iron briquettes, and aluminum-maker Norpro.

Venezuela began to take over Matesi from its Luxembourg-based parent company Tenaris last year. Mr. Chavez says he is moving to nationalize Matesi after settlement talks failed.

There was no immediate comment from Tenaris or any of the companies listed for nationalization.

In recent years, Mr. Chavez has nationalized firms in many sectors, including petroleum, communications, electricity, banking and agriculture.

Some information for this report was provided by AP and Reuters.