Apr 20 2005
Mittal Steel Company, has provided a progress report on its negotiations concerning the privatisation of Huta Czestochowa.
Contrary to recent speculation in the media, Mittal Steel is making good progress with the negotiations and intends to initial all contracts in the course of next week, with all agreements being signed by the 29th April.
Commenting, Ondra Otradovec, Director Corporate Finance, Mittal Steel, said: “Discussions for the privatisation continue as planned and we are entirely confident that we will conclude all negotiations within the allotted time frame. As requested, our offer will be further strengthened by the bank guarantee for the benefit of the sellers, which will be issued in the next few days.”
“Discussions with the trade unions are also continuing and we would urge the unions that it is in the best interest of employees and the company to conclude the social package as soon as possible, as this will guarantee the future viability of Huta Czestochowa.
“There is no doubt in our mind that Mittal Steel is the best partner for Huta C zestochowa and this was recognised by the Ministry of State Treasury when we were awarded exclusive negotiating rights. We are confident that we will be able to guarantee Czestochowa the viable and successful future it deserves as one of Europe’s premier plate producers.”
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