Ingulets GOK?s (IGOK: BUY) investor, SMART Group, stated yesterday they will bid for the 93.02% stake in Kryvorizhstal (KSTL: HOLD) that will be put up for sale on October 24. According to SMART Group ‘s representatives, the Group is likely to participate in the privatization on a stand-alone basis. However, we do not believe it has enough cash for this acquisition and would have to seek an alliance with a stronger partner to be a competitive bidder. In addition to IGOK, the group controls Makiyivka Steel and on par with Orivat group owns Pivdenny GOK (YGOK: BUY).