Kryvorizhstal auction scheduled
Ukraine's government announced plans to hold a repeat auction for the privatization of Kryvorizhstal before November 20, 2005. The government announced that a 93.02% stake in the country's largest steel maker will be sold through public bidding between July and November and added that another 1.74% stake will be offered on the stock market by September 30, 2005. As previously reported by SteelOrbis, Kryvorizhstal was sold to two Ukrainian businessmen, Viktor Pinchuk and Rinat Akhmetov, for $800 million in 2004; however a Ukrainian court ruled that the privatization of Kryvorizhstal was illegal since the bids of other bidders were nearly twice of the winner bid.