Ukrainian steel producers ArcelorMittal Kriviy Rih and Industrial Union of Donbass (ISD) have created a consortium for the purpose of completing the construction of the country's Soviet-era iron ore plant Krivoy Rog Mining and Processing Works of Oxidized Ore (KGOKOR).
Although the main aim of the creation of the consortium is the privatization and completion of KGOKOR, it will also be involved in the construction of a new deepwater port on the Black Sea shore and in manganese ore deposit development.
Whereas the commissioning of KGOKOR will allow the Ukrainian steel producers to satisfy their needs in high quality iron ore, the construction of the port will allow an increase in Ukraine's shipping and sea transit capacities, which are currently 30 years behind time, the companies said in their joint press release.