Mittal Steel, the world’s largest steel company, has won an unprecedented privatisation auction for Ukraine’s largest steel-maker, Kryvorizhstal, thus outbidding a heavyweight consortium led by European rival Arcelor and emphasising its soaring ambition for enhanced capacity and creeping control of an unbeatable iron ore-rich, low-cost, politically-sensitive region.
On Monday, Mittal Steel told TOI that the Ukrainian purchase "fits very well into our global strategy. It is part of our vertical integration strategy. We have been interested in Kryvorizhstal for the last 18 months." The company described the purchase as one of "high strategic value".
The bidding process that resulted in Lakshmi N Mittal winning his highly sought-after, key prize in a region increasingly important to the West, was unusually televised live on two national channels.