Krivorozhstal is Ukraine's largest metal producer, owning 20% of the market. The enterprise's annual production capacity is over 6 million metric tons of rolled metal, over 7 million tons of steel, and more than 7.8 million tons of cast iron.
Ukrainian President Viktor Yushchenko and Prime Minister Yulia Timoshenko repeatedly said Krivorozhstal had been sold illegally and at an undervalued price.
Kiev's Pechersky district court ruled April 21 that Krivorozhstal's privatization by the Investitsionno-Metallurgichesky Soyuz consortium was legal, thus reversing its decision of February 17 on the unlawfulness of the sale of 93% of the enterprise's shares.
Kiev's economic court ruled April 22 that Ukraine's State Property Fund had illegally sold the company's shares.
The Ukrainian Cabinet and an industrial consortium sued the Property Fund.
The auction to sell 93% of Krivorozhstal shares at a starting price of about $715 million was announced May 12, 2004.
The State Property Fund sold the Krivorozhstal shares to Investitsionno-Metallurgichesky Soyuz for about $800 million.
