Kryvy Rig Iron Ore Okyslenyh Rud (KGOKOR) To Be Sold In December

The Cabinet has instructed the State Property Fund to prepare a stake in the company for sale by December 2005. Concorde Capital: The construction of KGOKOR began in 1983 by the USSR with the cooperation of Soviet-bloc countries and suspended in early 90s. Currently, Ukraine has a 56.4% share in KGOKOR, Romania holds a 28% stake and Slovakia has a 15.6% block. KGOKOR?s construction is 70% complete. The Ukrainian government estimates about USD 700 mln will be needed to complete building the facility. The company may become one of the largest Ukrainian pellets producers, as its designed capacity amounts to 10 mln mt.Mittal Steel, Magnitogorsk Iron and Steel and Poltava and Inguletsky GOK have all expressed interest in the stake.