July 15, 2008

Ukrainian Steel Giant Owners Say All Investment Obligations Observed

Text of report by commercial, news-based 5 Kanal TV on 15 July

The Mittal Steel company, the owner of the Kryvyy Rih steel plant [formerly known as Kryvorizhstal], has said in a press release that it has fulfilled all the investment obligations the company committed itself to when purchasing Kryvorizhstal.

Mittal Steel released the statement after the State Property Fund of Ukraine said that the agreement on the Kryvorizhstal sale should be revoked due to [Mittal Steel's alleged] failure to fulfil its commitments [See 5 Kanal TV, Kiev, in Ukrainian 1300 gmt 14 Jul 08].

The owner of the steel plant said that they provided the State Property Fund with all the documents which show that all the investment obligations were observed. At the same time, Kiev has not sent any official claims to the plant owners yet.

The State Property Fund asked the cabinet to allocate almost 73m hryvnyas [about 15m dollars] to pay for taking Mittal Steel to court in a bid to revoke the Kryvorizhstal purchase agreement.

Originally published by 5 Kanal TV, Kiev, in Ukrainian 0800 15 Jul 08.

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