(Xinhua)
Updated: 2008-05-12 14:36

CARACAS - Venezuelan President Hugo Chavez announced during his Sunday radio-television program "Alo presidente" that on Monday he would sign the nationalization decree of Sidor, Venezuela's largest steel maker.

Chavez said he would formally nationalize Sidor, since the decree has already been approved by Venezuela's Supreme Court of Justice (TSJ), Venezuela's highest court.

"The TSJ agrees with the Venezuelan State on its right to manage its wealth of natural resources," said Chavez.

Chavez reiterated that Sidor will be a socialist enterprise.

He said Ternium Sidor enterprise, that controlled 60 percent of the shares, had earned 20 times its investment when it bought it 10 years ago. Venezuela would pay a fair price for the nationalization.

Chavez began Sidor's nationalization process on April 9.