Mittal Given More Time To Negotiate Purchase Of Huta Chestochowa

The Polish Privatization Committed will give Ukraine’s Mittal Steel until May 13 to sign an agreement that would allow for the purchase of Huta Chestochowa. The move cancels a previous decision to transfer the right of negation to the Ukrainian Industrial Union of Donbas, as Mittal did not meet the original April 29 deadline. Concorde Capital: Why the Polish Privatization Committee changed its previous decision is unclear. It seems the Polish Authorities favor Mittal Steel, which won a tender for the plant in late 2004. However, the tender was cancelled amid protests from Polish worker?s unions. IUD has already said it will file an appeal against the decision to prolong negotiation terms for Mittal Steel. On the whole, the situation surrounding the privatization of Huta Czestochowa has become opaque and it is difficult to predict the actions of the Polish Privatization Committee.