In addition, the president has overseen the nationalization of the Venezuelan steel mill, Sidor and the cement industry. This was accomplished despite the fact that Ternium, which is based in Luxembourg, owned a six percent stake in Sidor. When food prices started to rise, Chavez ordered the nationalization of six supermarket stores.
This, he argued was going to help the government in controlling the prices of the basic commodities. A company based in France owned the supermarkets. Since the government does not compensate the owners of the companies being nationalized. Chavez has drawn the wrath of very many international leaders because of his policies (Fuentes, 2010).
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