Yushchenko government to put Kryvorizhstal back up for sale

Yushchenko government to put Kryvorizhstal back up for sale

Ukraine's new government decided to cancel the questionable privatization of the country's largest steel mill, Kryvorizhstal, which was sold to a group of local businessmen for $800 million while foreign bids nearly double the amount were rejected. Prime minister of the recently elected Yushchenko government, Yulia Tymoshenko, explained that the steel mill would be renationalized and then put up for privatization once again. Kryvorizhstal has an annual production capacity of six million tons of rolled steel, seven million tons of steel and over 7.8 million tons of pig iron.