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RIA Novosti

Business

UPDATE: Ukraine to hold tender for 93% of steel mill shares

13:22 10/08/2005

KIEV, August 10 (RIA Novosti, Taras Burnos) - The State Property Fund of Ukraine has announced a tender in October for 93.02% of the shares in Krivorozhstal, a state-owned mining and metallurgical enterprise, for about $2 billion, the fund publication Vedomosti Privatizatsii weekly said.

Krivorozhstal is Ukraine's largest full-scale steelworks with an annual capacity of 20 million tons of rolled metal, steel and cast iron.

Kiev's economic court ruled in April that the June auction of the same shares for $800 million to the Industrial Mettalurgical Union (IMC) was unlawful.

IMC is headed by Ukraine's richest man, Rinat Akhmetov, and Viktor Pinchuk, former President Leonid Kuchma's son-in-law.

Ukrainian opposition parties and companies that bid at the auction claimed Krivorozhstal's privatization was unlawful.

The companies offered three-fold that of the IMC's bid for Krivorozhstal.

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