Word: guayana
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Dates: during 1970-1979
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...much of its oil income to build a huge steel industry that will exploit its iron ore and great sources of hydroelectric power. Deep in the backlands on the Orinoco River, more than 200,000 people have already clustered in the government run, iron-and-steel community of Ciudad Guayana, where international businessmen come to swing deals, dine on fine French food and gaze upon spectacular waterfalls. Pérez aims to raise steel output from last year's 784,000 metric tons to 5 million tons by 1978, and to 15 million by 1985. If those hugely ambitious...
...most extravagant economic project is a $5 billion plan for quadrupling the capacity of the state-owned steel plant at Ciudad Guayana, thereby doubling employment from 8,000 to 15,000 over the next four years. As part of the project, Perez has announced that the iron-mining operations of U.S. Steel and Bethlehem Steel will be nationalized by 1975 rather than in 2000 as originally agreed. It is presumed that the American companies will be fairly compensated with money from oil revenues. Oil leases and equipment held by foreign investors-principally Exxon, Shell and Gulf-will also be nationalized...