The steelmaker Ternium, owned by the Argentine-Italian conglomerate Techint, said on Tuesday it has not received the compensation for the nationalization of Venezuelan steelmaker Siderúrgica del Orinoco (Sidor) which was due to pay this Monday.

Sidor was nationalized again in 2008, and the Venezuelan Guayana's Corporation (CVG) was expected to pay USD 157.5 million as principal installment, plus accrued interest, due under the first tranche and USD 141.5 million of mandatory pre-payment plus interest, due under the second tranche, said Ternium in a press release, as reported by Reuters.

"Under the agreements governing the transfer of Ternium's interest in Sidor to Venezuela, CVG has 15 days to cure any payment default under either tranche. Ternium has no indication that CVG will not pay the amounts currently owed to it in the coming days," said the press release.

Venezuela's compensation agreement to Ternium for the nationalization of Sidor amounted to USD 2 billion. The steelmaker is located in Bolivar state.