Monday, October 24, 2005

Mittal Steel strikes again Mittal Steel continues to consolidate its position as the world's #1 steel producer. It just bought the largest steel plant in Ukraine, Kryvorizhstal. The price for the plant was $4.8 billion, in an interesting open bid conducted on television. The open bid was used to signify that the sale was completely above board, unlike an earlier post-Soviet privatization, since rolled back. Netherlands-based Mittal hasd to compete against a consortium led by the #2 steel company, Luxemburg's Arcelor, and a Ukraine group called the LLC Smart Group. It's one more step in the steady consolidation of the world steel industry. 5:29:24 PM

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