Austria's VAS withdraws from privatisation of Polish steel mills
The Austrian steel maker Voest-Alpine Stahl (VAS) announced it decision to pull out from the privatisation process of the Polish steel sector. VAS had been considered one of the most certain candidates for the purchase of one or all of the steel mills Katowice, Sendzimira, Florian, and Cedler. Last month, VAS said it would participate in the privatisation together with three other European steel-makers: France's Usinor, Luxembourg's Arbed SA and Germany's ThyssenKrupp. The Austrian steel-maker's decision has probably followed a merger of Usinor and Arbed, which was announced in February, and which would give the two too much weight in the planned consortium. Since December 2000, when the treasury ministry sent invitations to participate in the Polish steel sector's privatisation to several world steel companies, six potential investors submitted preliminary bids that are now being revised. VAS's decision would be a heavy blow to the Polish government, which is trying hard to sell the ailing steel mills. At the same time, Poland's largest steel mill Huta Katowice is desperately seeking a strong investor who would bail out the company, which faces bankruptcy. Restructuring of the steel sector is one of the key conditions of speeding up entry negotiations with the European Union. EU's commissioner for enlargement Guenter Verheugen has warned Poland that it will make no progress in negotiations in the area of competition policy, unless it goes ahead with restructuring of its steel industry. In a letter sent to the Polish Economy Minister Janusz Steinhoff, Verheugen made it clear that the restructuring program, drafted by the Polish government, would not be positively evaluated by the European Commission in the current shape. bb, kp
Źródło:IntelliNews Daily
