▁the ▁President ▁of ▁Venezuela , ▁Hugo ▁Ch á vez , ▁announced ▁the ▁national ization ▁of ▁" the ▁whole ▁c ement ▁industry " ▁in ▁that ▁country , ▁in ▁response ▁to ▁the ▁belief ▁that ▁the ▁industry ▁was ▁export ing ▁its ▁products ▁in ▁order ▁to ▁receive ▁prices ▁above ▁those ▁it ▁was ▁allowed ▁within ▁the ▁country . ▁In ▁mid - 2 0 0 8 ▁the ▁Venez uel an ▁government ▁took ▁over ▁the ▁Venez uel an ▁operations ▁of ▁CE ME X , ▁the ▁largest ▁Venez uel an ▁producer ▁with ▁around ▁a ▁ 5 0 % ▁market ▁share ; ▁a ▁deal ▁on ▁compens ation ▁was ▁still ▁to ▁be ▁reached ▁in ▁March ▁ 2 0 0 9 , ▁despite ▁agre ements ▁being ▁reached ▁in ▁mid - 2 0 0 8 ▁with ▁the ▁other ▁two ▁major ▁c ement ▁produ cers . ▁In ▁December ▁ 2 0 1 1 , ▁an ▁agreement ▁was ▁reached , ▁with ▁C em ex ▁receiving ▁$ 6 0 0 m ▁in ▁compens ation , ▁and ▁benef iting ▁from ▁the ▁can cellation ▁of ▁$ 1 5 4 m ▁in ▁deb t . ▁ ▁After ▁having ▁problems ▁with ▁the ▁Mexican ▁pes o ▁de valu ation ▁of ▁ 2 0 0 8 , ▁including ▁problems ▁with ▁derivatives , ▁CE ME X ▁had ▁to ▁re th ink ▁its ▁international ▁stand ings ▁to ▁decrease ▁deb t ▁and ▁avoid ▁a ▁default . ▁In ▁June ▁ 2 0 0 9 , ▁CE ME X ▁sold ▁its ▁Australian ▁operations ▁to ▁Hol c im ▁for ▁A $ ▁ 2 . 2 ▁billion ▁( US $ 1