“Industrial Group” came in second with a USD 4.77 bln bid. The third bidder, Smart Group, stopped at USD 3.5 bln. The initial price set by the government for Kryvorizhstal (KSTL: SELL) was USD 2 bln. Concorde Capital: We believe that the final price for the 93.02% stake in KSTL was way too high even allowing for the control premium. The company?s MCap prior to the tender was USD ~2.7 bln which we think was already higher than its fair value. This notwithstanding, we expect some revival in the steel segment following KSTL?s successful tender.