We’ve been following this story for a while. The steel producer was sold for a song to a buddy, then the sale was revoked. Just last week, the Ukraine parliament was working on a bill to prohibit the sale of it. Today it sold (before second reading of the bill, if I understand properly).
KIEV, Ukraine – The world’s largest steel producer, Mittal Steel Co., bought Ukraine’s flagship steel plant Kryvorizhstal from the state at auction Monday for more than $4.8 billion.
Mittal Steel bought the mill for 24.2 billion hryvna, well above what analysts had predicted and more than five times what former President Leonid Kuchma’s son-in-law and another Ukrainian tycoon paid for the mill in 2004 â€” a sale that Yushchenko called a theft and that was annulled after he became president this year.
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