Steel giants plan to bid for Kryvorizhstal

Steel giants plan to bid for Kryvorizhstal

Steel giants Mittal Steel, Arcelor and US Steel reportedly plan to submit bids for Ukrainian steel mill Kryvorizhstal, which had been recently renationalized by the Ukrainian government after a questionable privatization. As previously reported by SteelOrbis, the mill was sold to a group of local businessmen for $800 million last year. However, the new Ukraine government lead by Viktor Yushchenko recently cancelled the mill's privatization since it was alleged that the bidding procedure discriminated against foreign bidders who had offered more than the winner of the tender.