Ukraine’s steel mill Krivorozhstal (currently Mittal Steel Krivoi Rog) may be resold again, Prime-Tass quotes the chief of Ukraine’s state property fund, Valentina Semenyuk, as saying.
If the steel mill’s owners fail to change the situation at the enterprise for the better by June 6, the property fund will “keep selling Krivorozhstal as many times as may prove necessary, until the owners begin to honor their investment liabilities.”
The state property fund early this month said it might take Mittal Steel to court for failing to comply with the terms of the purchase contract. The decision followed an inquiry that highlighted a number of abuses. The new owner keeps refusing to adhere to a number of privatization terms, including those concerning the remuneration of employees.
Mittal Steel Krivoi Rog is Ukraine’s biggest producer of steel products. Its share in the market is as big as 20 percent.
The full production cycle combine is capable of manufacturing 6 million tonnes of rolled stock, about 7 million tonnes of steel and over 7.8 million tonnes of pig iron.