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

G20 will act to revive growth

The finance chiefs from the leading economies met in southern England to discuss measures to deal with the global economic crisis. more »

New bid to improve the environment

Environmental projects up for bid at ‘auction floor’ conference in Brussels. more »

U.S. men opt for credit crunch snip

In the United States increasing numbers of men are having vasectomies to avoid any added strain on hard-pressed finances. more »

In 2008 the number of settlements performed by Bank SNORAS payment cards grew twice faster than the market

Within last year the number of settlement operations made by using AB Bank SNORAS payment cards grew by 21 per cent or twice more than on the market where 10 per cent growth was fixed. more »

European Parliament gives go-ahead to tougher maritime safety rules

The “Erika III” package, aimed at protecting Europe's coasts from maritime disasters and improving passenger and crew safety, was adopted by Parliament on Wednesday. more »

New rules for banks to avoid a future financial crisis

Improving the transparency and the supervision of the financial system to ensure proper risk management in the banking sector is the aim of legislation approved on Monday by the Economic and Monetary Affairs Committee. more »

Getting cohesion funds into the real economy faster

MEPs could back speeding up the rate at which Europe's regional funds are made available. more »

European Commission provides humanitarian aid worth €700,000 in Pacific island countries

The Commission has taken a humanitarian decision for €700,000 to provide assistance to communities affected by floods in Fiji, the Solomon Islands and Papua New Guinea. more »

Euromoney awards Parex banka for excellent private banking services in Latvia and Lithuania

The international business magazine Euromoney has announced the results of its Private Banking Survey 2009, and Parex banka has received the award for “Best Private Banking Services Overall” in Latvia. more »

More seek food aid

Mass layoffs and inflation are pushing people to seek food aid. more »