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Ukraine Announces Plan For Auctioning Steel Mill

26 June 2005 -- The Ukrainian government says it plans to sell 93.02 percent of the shares in the Kryvorizhstal steel mill, the biggest in the country.

Prime Minister Yuliya Tymoshenko said late yesterday that shares in the mill -- which was renationalized earlier this month -- will be sold through public bidding between July and November.

Another 1.74 percent of shares will be traded on exchanges. The rest will remain in the hands of minority shareholders, including mill workers and some Ukrainian investors.

Ukraine's most profitable mill was sold last year for a low price to a consortium partly owned by Viktor Pinchuk, son-in-law of former President Leonid Kuchma.

President Viktor Yushchenko called the sale a theft and pledged to undo it after coming to power late last year.


See also: Ukraine: Government Seeks To Recover Investors' Trust