Ukraine to review Kryvorizhstal privatization
The Ukrainian government announced that the privatization of the country's largest steel mill, Kryvorizhstal, will be reviewed. A consortium formed by two Ukrainian businessmen, Viktor Pinchuk and Rinat Akhmetov, purchased 93% of the steel mill's shares for $800 million. The Ukrainian government decided to investigate the privatization because the bidding procedure was seen as discriminatory against foreign bidders who had offered more than $1 billion for the mill's shares. Kryvorizhstal produces 20% of Ukraine's steel.