Kiev prices steel mill at $2 billion

Published: 12 August 2005 y., Friday

The Ukrainian government on Tuesday set a $2 billion starting price for a 93.2 percent stake in the country's most profitable steel mill, more than doubling the price at which the mill was sold last year in a disputed privatization deal.
 The State Property Fund also said in a statement that the winning bidder for the Kryvorizhstal steel mill would be obligated to invest $2.3 billion between 2006 and 2013 for unspecified improvements. The mill is to be auctioned in October. The government statement offered no further details.
 Kryvorizhstal was sold last year for $800 million to a consortium controlled by Rinat Akhmetov, the wealthiest man in Ukraine, and Viktor Pinchuk, a son-in-law of the former president, Leonid Kuchma.
 Other major steel companies, including Severstal of Russia and United States Steel, claimed that they had made substantially higher bids than the consortium did for the mill, of around $1.2 billion.
 After a long legal battle, the new government headed by President Viktor Yushchenko seized control of the mill in June, calling the earlier sale a theft. 

Šaltinis: iht.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

FDI in Lithuania Grew by 5 % and Lithuania’s Investment Abroad Increased by 14 %

Statistics Lithuania has calculated that, based on provisional data, FDI in Lithuania in 2009 amounted by 5.3 % more than in 2008. Also, direct investment of Lithuanian enterprises abroad grew by 13.9 % in 2009. more »

Fish industry voices concern over foreign fish and falling prices

Concerns about foreign fish being sold in Europe and what to do about the future of Europe's fisheries industry were aired in a hearing held by the Fisheries Committee on 8 April. more »

Future of European agriculture - have your say

EU opens public debate on its agricultural policy, the prelude to a major reform in 2013. more »

Commission launches €35 million call for projects that turn environmental challenges into business opportunities

The European Commission today launched a €35 million call for eco-innovation projects to be funded under the Competitiveness and Innovation Programme. more »

Bank SNORAS group consolidates the activity of the Baltic investment companies

Bank SNORAS group company Finasta Holding recruits all funds management and investment companies of the group in the Baltic States. more »

European Central Bank and European Commission hold joint conference on "financial integration and stability: the legacy of the crisis"

The European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main. more »

12 April 2010 - ECB signals a gradual recovery of the European financial integration process

Today, the European Central Bank (ECB) is publishing its fourth Report on Financial Integration in Europe, which notes the return towards integration in the European financial markets. more »

World Bank Group: Record US$100 Billion Response Lays Foundation for Recovery from Global Economic Crisis

World Bank Group financial commitments since July 2008, just before the full fury of the financial crisis hit, reached US$ 100 billion today as the institution helped countries respond to and recover from the global downturn. more »

IMF Executive Board Concludes 2010 Article IV Consultation with Serbia

On March 31, 2010, the Executive Board of the International Monetary Fund concluded the Article IV consultation with Serbia. more »

United Kingdom Contributes US$7.5 Million to Support IMF Technical Assistance in Statistics in Africa

The International Monetary Fund and the United Kingdom’s Department for International Development have launched a new project to improve macroeconomic statistics in 23 African countries. DFID will provide US$7.5 million over the next five years to support the project. more »