Tata Steel withdraws from Krivorozhstal sale
Following the postponement of Ukraine's largest steel mill Krivorozhstal's privatization, Indian steelmaker Tata Iron and Steel Corp. (TISCO) decided to withdraw from bidding for Krivorozhstal after Arcelor. Bidding for the Ukrainian steel mill closed on June 7 with six companies, consisting of three domestic and three foreign companies, which bid for 93.2% of the mill at a reserve price of $714 million. However, Ukraine recently announced that privatization of Krivorozhstal is postponed to a forward date as Ukrainian privatization committee filed a lawsuit for protection of workers against dismissal. TISCO, planning to have an annual production capacity of 15 million tons by 2010 aims to produce half of this total capacity in operations abroad, such as in China, Singapore as well as Ukraine.