Venezuelan President Hugo Chavez on Thursday ordered the nationalization of the country's cement industry in efforts to help tackle a national housing shortage, local media reported.
Speaking during a televise address, Chavez said the cement companies, including Mexico's Cemex, will be paid fair compensation for the state takeover.
"We are going to prepare a plan to modernize these cement plants," he added.
Most of the cement market in this South American country is supplied by foreign companies.
Source: Xinhua
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