President Victor Yushchenko congratulated the Mittal Steel GmbH President Lakshmi Mittal on his acquisition of VAT Kryvorizhstal, the President press service reported.

“I thank you for taking this road to gain victory,” said Yushchenko. “This was brilliantly done.”

The President stressed that this fair and public auction was economically, politically and socially important for the country. The Kryvorizhstal investment agreement provides for large-scale socialinitiatives to create new jobs, construct hospitals and develop housing. The Head of State noted that the enterprise would now be properly managed and developed by the new owner, while the state had received “a worthy reward” for its budget.

The President also stressed that it was necessary for the investor to implement all investment obligations.

“Government is convinced that only a private owner can be an efficient owner. All big companies in the West are the private ones. Their experience shows that there is no better way to manage these companies,” said Yushchenko.


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