Ukraine mill privatization hits another bump

Oct 19, 2005 | 02:14 PM | Renate F. Mas

The privatization of Ukraine steelmaker JSC Kryviy Rih Mining & Smelting Plant (Kryvorizhstal) has hit another bump on an already rocky road.

The latest roadblock has been thrown up by Ukraine lawmakers, who insist that the mill is too important to be placed in private hands, according to an Associated Press report.

It's been a rough road for Kryvorizhstal, whose on-again, off-again, on-again sale has seen interest in the mill dwindle. While expectations were for strong participation, only three companies-Mittal Steel Co. NV, Rotterdam; LLC Smart Group, eastern Ukraine; and Industrial Group, which is registered in Kiev-were identified as having submitted offers to take part in Monday's privatization proceedings, which require a 1-billion-hryvna ($199-million) guarantee.....

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