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UKRAINE MOVES CLOSER TO PRIVATIZING LARGEST STEEL MILL
Controls up to a fifth of the Ukrainian steel market
  

Interfax-Ukraine, Kyiv, Ukraine, Monday, April 12, 2004

KYIV - Ukraine moved a step closer to privatizing Krivorozhstal, the country's biggest steel mill, by incorporating the enterprise, initially as a wholly state-owned joint stock company.

The Industrial Policy Ministry issued an instruction to incorporate the steel mill, which has charter capital of 3.9 billion hryvni, on April 7, Anatoliy Fedyayev, a deputy industrial policy minister, told Interfax.

The State Property Fund has hired the Kyiv-based Otsenka to value Krivorozhstal's long-term assets. The Property Fund and the Industrial Policy Ministry have been preparing the mill to be privatized by corporatizing it, for example, and the parliament is drafting a bill to sell the company off.

The parliament back in November 2003 entered Krivorozhstal on a list of enterprises that cannot be privatized, but the Ukrainian president vetoed this law.

Krivorozhstal controls up to a fifth of the Ukrainian steel market. It is capable of turning out more than 6 million tonnes of rolled steel products, about 7 million tonnes of crude steel and 7.8 million tonnes of pig iron a year.

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