Ukraine to re-sell Kryvorizhstal

Ukraine to re-sell Kryvorizhstal

The Ukrainian government reportedly ordered a repeat of the tender held for the privatization of the country's largest steel mill, Kryvorizhstal. As previously reported by SteelOrbis, Kryvorizhstal was sold to two Ukrainian businessmen, Viktor Pinchuk and Rinat Akhmetov, for $800 million in 2004 even though foreign companies had bid nearly twice that for the mill. Upon complaints filed by various parties, a Ukrainian court ruled that the privatization of Kryvorizhstal was illegal. A group of Ukrainian officials indicated that the new sale would be open to all qualified bidders, including the current owners of the mill.