CARACAS, Venezuela (AP) -- Luxembourg-based steel maker Tenaris SA says President Hugo Chavez's government has followed through on plans to take over its Venezuelan subsidiary.
Chavez ordered the takeover of iron maker Materiales Siderurgicos SA, or Matesi, in May. He said the government would also nationalize five other metal and ceramic companies as it aims to build an industrial complex.
Tenaris says in a statement it's prepared to negotiate "fair and adequate terms" for the takeover. Tenaris is a subsidiary of Argentine-Italian conglomerate Technit.
Officials at Matesi could not be reached for comment Thursday.
Chavez's government has also nationalized major steel, cement and electricity companies.
