Arcelor and Severstal to bid jointly for Krivorozhstal

Arcelor and Severstal to bid jointly for Krivorozhstal

According to recent news in the market, Arcelor and Severstal plan to bid jointly for Ukrainian state-owned steel maker Krivorozhstal. SteelOrbis previously reported that sale of Krivorozhstal in 2004 was approved by State Property Fund. Ukrainian government, revealing its intention to sell Krivorozhstal, expressed that it wants to sell 100% stake of the mill, 92% of which is planned to be sold at the auction and the rest is to be kept for employees. The reserve price is expected to be fixed at more than UAH (Ukrainian currency) 3 billion ($563.5 million). It is stated that Arcelor and Severstal plan to invest $1 billion to the mill.