Mittal Steel acquires 93 percent of Ukraine steel producer

Mittal Steel Company N.V. today announced that it has agreed to acquire a 93.02 percent stake in the capital of KryvorizhStal from the State Property Fund of Ukraine following a public auction.

Under the terms of the share purchase agreement, Mittal Steel will acquire 3,590,038,755 shares of the share capital of the company for a total consideration of UAH 24.2 billion (US$4.79 billion).

KryvorizhStal is the largest carbon steel long products producer in Ukraine and the nearby region with 2004 liquid steel production of 7.7 million tons and 2004 shipments of 6.7 million tons. It also produced 17.1 million tons of iron-ore.

The transaction is subject to regulatory approvals. It is expected to close before year-end.

Find out more about the transaction here.