Ukraine gives Arcelor go-ahead for IG takeover

Ukraine gives Arcelor go-ahead for IG takeover

Ukraine's anti-monopoly committee approved Luxembourg-based Arcelor's majority share takeover of a local company, a move which may be beneficial to Arcelor in the upcoming Kryvorizhstal tender. Arcelor can now proceed with plans to acquire a controlling interest in Industrial Group, a company created by the Ukrainian Industrial Union of Donbas (IUD). The move has led to comments in the industry that Arcelor may join forces with IUD to bid for Ukraine's largest steel mill, Kryvorizhstal. Ukraine plans to sell 93 percent of Kryvorizhstal in an auction in Kiev on October 24. Starting price for the tender will be $2 billion. In related news, Mittal Steel announced that they would be concentrating heavily upon the Kryvorizhstal auction after having lost out in a bid for Turkey's largest flat producer, Erdemir.