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Kryvorizhstal now German

October 24 2005

In Ukraine, the auction for the sale of the country's largest steel mill Kryvorizhstal. His new owner was a German company Mittal Steel Germany GmbH.

Value of the deal to buy 93.02% stake in the company, formerly owned in-law of former President Leonid Kuchma of Ukraine Viktor Pinchuk, was 24.2 billion hryvnia (about 4.8 billion dollars).

The auction was broadcast on television. It was attended by Viktor Yushchenko and Prime Minister Yuriy Yekhanurov.

At the same time the head of the State Property Fund (SPF) Valentina Semeniuk in disagreement with the decision to put Kryvorizhstal at auction, resigned.

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