Thursday, 04 Mar 2010
Ternium SA announced that CVG has paid the Sidor compensation payments due on February 2010.

These payments consisted of USD 158.2 million due under the first tranche and USD 142.0 million mandatory prepayment due under the second tranche.

Sidor, the largest iron and steel maker in the Andean and Caribbean region, was nationalized for the second time in 2008 as part of a massive purchasing plan, begun in 2007, of companies essential to the Venezuelan economy.

The transfer agreement reached in May last year stated a settlement of USD 1.97 billion to be paid by the Venezuelan government to Ternium for the transfer of its stake in Sidor.

The Sidor plant is located in Ciudad Guayana and has liquid steel capacity of 4.2 million tonnes per year. It is Venezuela's largest steel mill. The plant is located in Ciudad Guayana in the state of Bolivar.

Ternium is a subsidiary of Italian Argentinian group Techint.