Arcelor & IUD To Jointly Bid For Kryvorizhstal

The formal bidder representing the two companies will be the consortium, Industrial Group, established in 2004 to manage IUD?s assets. Arcelor received an option for the purchase of a 60% stake in Industrial Group from IUD. IUD will retain the remaining 40% in the consortium. Concorde Capital: The pair will have an advantage over other contenders in the bidding for Kryvorizhstal (KSTL: SELL) due to the financial strength of Arcelor and IUD?s experience from successful privatizations in Poland and Hungary. In addition, we view this tandem as the most desirable investor for KSTL from a strategic standpoint.