No, Chavez is not a Communist

Venezuelan President Hugo Chavez said Ternium SA should accept a "fair" price for the nationalization of its 60% stake in the country's biggest maker of flat-steel products by tomorrow or face expropriation. The government has said it values Ternium's Siderurgica del Orinoco unit, known as Sidor, at $800 million. Chavez said he's prepared to occupy the company's facilities on April 29 should the company and the government fail to reach an agreement during a final meeting tomorrow. "I'll sign the expropriation decree and take control immediately of the company. I have no problem doing it." Ternium shareholders value its operations in Venezuela at $3.6 billion. Chavez said the company must be "crazy" to seek such a high amount, and that the government won't pay amounts reported by the press, which he said have ranged from $3 billion to $4 billion.

Chavez has also announced the nationalization of the country's cement industry this year in an attempt to increase state control over "strategic" parts of the economy.

Chavez also threatened today to take over Empresas Polar SA, Venezuela's largest food processor. The president said he has heard the company has considered shutting down one of its flour plants. "If they do that, we'll expropriate," Chavez said.

Last year, he nationalized foreign oil ventures and the country's biggest electricity and telephone companies.