Recall that the State Property Fund of Ukraine announced a competition for the sale on August 10, 2005. The controlling state block of shares of OJSC "Kryvorizhstal" was put up for a privatization competition at a starting price of 10 billion hryvnias. (last year the starting price of this block was 3 billion 806 million hryvnias).
Applications for participation in the competition for the sale of the 93.02% block of shares of OJSC "Kryvorizhstal" were submitted by Mittal Steel Germany GMBH (city of Duisburg), the consortium "Industrial Group" (Kyiv), and LLC "Smart-Group" (Dnipropetrovsk).
In June 2004, 92.02% of state shares were sold to the consortium "Investment and Metallurgical Union" (IMU), controlled by businessmen Rinat Akhmetov and Viktor Pinchuk. In August 2005, the shares were returned to state ownership.