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Claiming that steel products company Sidetur was charging too much, President Hugo Chavez ordered its expropriation during his Sunday TV broadcast.
Six local construction firms also were nationalized.
Sidetur has protested and denied it had ever broken price controls.
Sidetur employs 1,857 staff directly and another 5,000 indirectly.
It has six plants in Venezuela, an annual production capacity of more than 835,000 tonnes and exports its products to 25 countries
