Venezuelan state steelmaker Sidor deal with workers ends 10-day strike

Venezuelan state steelmaker Sidor reached an agreement with workers over the weekend to put an end to a 10-day strike which cost the firm a total US$294mn in unproduced steel, according to local news reports. Sidor agreed to compensate workers for the miscalculation of bonus payments since 2008, the principal cause of the strike. The firm will pay 150,000 bolívares (US$23,856) to fixed-shift workers and 200,000 bolívares to those with rotating shifts, to be paid in five installments. Total payouts will amount to 2.53bn bolívares for the 14,500 workers employed at the plant, the biggest steel producing facility in Latin America, according to the reports.