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

EU27 deficit in trade in goods with China of 170 bn euro in 2008

Between 2000 and 2008 EU27 trade in goods with China more than tripled in value, with EU27 exports to China rising to 78 billion euro in 2008 compared with 26 bn in 2000, and imports rising to 248 bn from 75 bn. more »

Euro area external trade surplus 0.4 bn euro

The first estimate for the euro area (EA16) trade balance with the rest of the world in March 2009 gave a 0.4 bn euro surplus, compared with -2.3 bn in March 2008. more »

AB Bank SNORAS distributes two emissions of the fixed interest bonds

On May 18 this year, AB Bank SNORAS begins to distribute two emissions of one-year fixed interest bonds. more »

DnB NORD Bankas revises deposit rates

Taking into account changes on international and domestic money markets AB DnB NORD Bankas, a member of international financial group, has changed time deposit rates for individual customers. more »

Sri Lankan army claims victory

The 25-year Sri Lankan civil war looks to be in its final throes. more »

UK lawmakers in claims row

The sheer scale and nature of taxpayers' cash claimed as allowances by Britain's lawmakers has stunned the nation. more »

Commission sends formal request to Lithuania concerning contract for modernisation of railway radio communication system

The European Commission has decided to send a formal request to Lithuania regarding the award of a works contract by Lithuania Railways for the modernisation of the railway radio communication system through the introduction of a GSM-R system. more »

Economic crisis: the European Parliament's response

The speed and depth of the financial crisis has been brutal and over the last year MEPs have been hard at work on a two-fold approach to the crisis. more »

UniCredit announces its “Green Deal”

The Group commits to reducing its CO2 emissions by 30% by 2020 supporting the “20-20-20” goal set by the EU. more »

SNORAS Spyker Squadron team was the fifth to finish Le Mans Series

This weekend, in the second round of Le Mans Series championship on SPA track, in Belgium, SNORAS Spyker Squadron team that participated there took the fifth high position. more »