Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Mittal Denies It May Lose Kryviy Plant

Mittal said Thursday it was fulfilling its commitment to raise salaries at the Kryviy Rih steel mill and denied a report it was in danger of losing the plant.

"Mittal Steel rejects recent suggestions that we have failed to honor our contractual obligations to Mittal Steel Kryviy Rih,'' Nicola Davidson, a spokeswoman for Mittal, said in an e-mail.

Earlier, Valentyna Semenyuk, the head of the Ukrainian Property Fund, told RIA-Novosti that Mittal could lose the mill if it didn't increase salaries. "Several domestic and foreign investors'' are ready to pay about $6 billion for the mill, Semenyuk said, declining to name any of them. The Property Fund has said Mittal has until June 6 to raise salaries or face legal action.

"Mittal Steel Kryviy Rih executives met personally with the chairperson of the state property fund ... May 16,'' Davidson said. "The company is confident the matter can be resolved through good faith negotiations.''