Lawmakers from the Communist Party of Ukraine have submitted a draft bill to parliament proposing to renationalize ArcelorMittal's (MT) Kryviy Rih steel mill, the latest attempt to reverse the company's acquisition of the plant in 2005.
ArcelorMittal bought Ukraine’s largest mill for $4.8 billion after the government reversed an earlier sale to two Ukrainian tycoons. Earlier this month, a Kiev court revived a case against the cancelation of the original sale to businessman Rinat Akhmetov and Viktor Pinchuk for $800 million. Messrs. Pinchuk and Akhmetov say they have nothing to do with resurrection of the case. A judge postponed a hearing on June 18.
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