Mittal bids for Vitkovice Steel

Mittal bids for Vitkovice Steel

Mittal Steel Company N.V submitted a formal offer to the Government of the Czech Republic to acquire a 98.96 percent stake in Vitkovice Steel (VS). Sources report that the offer submitted by Mittal Steel is CZK 9 billion ($358 million). Apart from the offered price, Mittal Steel proposed a settlement of all outstanding disputes between Osinek and Vysoke Pece Ostrava (VPO) by accepting Osinek's terms and conditions proposed previously. As previously reported by SteelOrbis, Mittal Steel was excluded from VS tender due to the said dispute between Mittal and Vitkovice majority owner Osinek over pig iron supply prices.