Sale of Huta Czestochowa steel mill is suspended

Sale of Huta Czestochowa steel mill is suspended

According to recent news in the market, sale of Huta Czestochowa (HC) to LNM Group is suspended as a result of objections from Ukrainian mill Donbass Industrial Union and Ukrainian investors. As previously reported by SteelOrbis, LNM and Donbass submitted bids of PLN375 million ($97.4 million) and PLN 400 million ($104 million) respectively for HC. However, that LNM was announced as the winner of the tender by Polish Treasury Ministry surprised Donbass fairly, as it submitted a financially better bid. Upon the complaints filed by Ukrainian investors, Polish government determined to suspend privatization of HC with the purpose of evaluating the complaints and studying the details of privatization.