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

European Globalisation Fund set to help workers in clothing industries in Spain

The European Commission approved an application from Spain for assistance from the EU Globalisation Adjustment Fund (EGF). more »

European Commission calls for saving time and money in cross-border legal disputes through mediation

The European Commission today reiterated the potential of existing EU-rules on mediation in cross-border legal disputes, reminding Member States that these measures can only be effective if put in place by Member States at national level. more »

New opportunities for export of animal products to Russia as certificates enter into force

Exports of animals and animal products from the European Union to Russia are expected to receive a boost after five new certificates for exports between the EU and the Russian Federation entered into force on August 15. more »

World Bank President Zoellick Completes Two-Day Visit To Moldova

World Bank Group President Robert B. Zoellick visited Moldova on August 11-12 at the invitation of Prime Minister Vlad Filat. more »

Profit of the first half of 2010 before loan impairment charges of Danske Bank A/S Lithuania branch is 28m LTL

These are the financial results of the banking activities of the Danske Bank Group in Lithuania (Danske Bankas and Danske Lizingas UAB). more »

First European Investment Bank loan to Armenia for Yerevan metro upgrade

The European Investment Bank (EIB) today signed its first loan agreement with Armenia. more »

Commission releases €14.9 million for food security to the Republic of Niger

Given the worsening food crisis in the Sahel, the Commission today agreed to disburse €14.9 million for food security in Niger, the worst affected country in the area. more »

Commission approves the acquisition of joint control of Arnotts by Anglo Irish Bank and RBS

The European Commission has cleared under the EU Merger Regulation the proposed restructuring of Arnotts' debts in return for a transfer of control to Anglo Irish Bank and Royal Bank of Scotland (RBS). more »

European Commission approves €135 million in grants to Morocco for 2010

The European Commission today approved a new financial support package of €135 million for Morocco. more »

The Commission allocates an additional €10 million package in humanitarian aid for Liberia

The European Commission is allocating an extra €10 million in humanitarian aid for Liberia. more »