India Interested In Ukrainian Coal.

India’s Ambassdor to Ukraine said that several Indian businesses are interested in Ukraine’s plans to privatize coal mines. Concorde Capital: We believe that this statement by the Indian Ambassador has to do with Mittal Steel’s lobby in the Indian government. Mittal Steel owns Ukraine’s largest steel mill, Mittal Steel Ukraine (former Kryvorizhstal, KSTL: BUY). Mittal Steel Ukraine operates a coking plant in addition to steel making and iron ore capacities, but it lacks coking coal. Moreover, KSTL may face cuts in its coking coal supply from Kazakhstan if Ukraine limits coking coal imports. Purchasing a coking coal mine appears to be the best solution for the steel mill. Currently in Ukraine there are four state owned coal mining companies with capacities of 1.2 – 3.8 mln mt of coking coal annually.