Venezuela Nationalizes Tenaris' Subsidiaries

Tenaris announced today that Venezuela's President Hugo Chavez has announced the decision to nationalize its majority-owned subsidiaries Tavsa, Tubos de Acero de Venezuela S.A. and Matesi, Materiales Siderúrgicos S.A. and its minority interest in Complejo Siderúrgico de Guayana, C.A.

No details have been provided regarding the expropriation process.
 

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