Interfax-Ukraine, Kyiv, Ukraine, Thursday, September 28, 2006
[via AUR]

KYIV - The European Bank for Reconstruction and Development (EBRD) correlates the level of Ukraine's investment attractiveness with the  authorities' attitude to Mittal Steel as a large investor.

EBRD Country Director Kamen Zahariev gave the bank's position at a meeting of the top management of OJSC Mittal Steel Kryviy Rih (formerly Kryvorizhstal steel mill) in Dnipropetrovsk region with diplomats and representatives of international organizations in Ukraine, Mittal Steel Kryviy Rih reported in a press release on Thursday.

Zahariev said that the Ukrainian authorities' attitude to such a large investor as Mittal Steel would in many respects determine relations of foreign investors to Ukraine.

Zahariev said that in 2006 the EBRD provided Mittal Steel Kryviy Rih with a large loan - the largest over the Bank's work in Ukraine - $200 million.

"We're working with the Mittal Steel company for many years in various countries in Europe and Asia and treat this company as a reliable and effective partner," the press service quotes Zahariev as saying.

According to the press release, after the investor acquired the steel mill, investments in modernization of fixed capital have topped $85 million, the output of marketable rolled stock and sales have grown by 14% and 23% respectively since the beginning of 2006.