Mittal buys Ukraine steel plant

By agencies   |   Tuesday, 25 October 2005, 07:00 Hrs
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KIEV: Mittal Group, the world's biggest steel producer, won a feverish auction to secure control of Ukraine's biggest steel mill Monday for $4.8 billion.

Mittal's offer for Kryvorizshtal plant in central Ukraine, ex Soviet Union largest steelworks, brought to a dramatic close nearly an hour of fast-moving bidding with Industrial Group, controlled by Arcelor.

Analysts suggested Mittal might have paid too high a price. Mittal Steel officials declined comment on the price, saying they were in a position to make the purchase. The sale price exceeded analysts' expectations that said the steel company was worth little more than $3 billion.

Apart from the Mittal group and the Arcelor backed group, the third bidder was LCC Smart Group, which is reportedly controlled by a Russian businessman, Vadim Novinsky.

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