Ukraine wants to revoke ZALK sale to Russian firm

Ukraine's State Property Fund wants to re-nationalize the country's aluminium smelter Zaporizhsky Alyumineyvy Kombinat (ZALK) because the Russian owner failed to meet its obligations. The plant was sold in 2001 to a unit of Russian car maker AvtoVAZ . Should obligations on Zalk not be implemented, the Fund will return the company to the state property fund. Earlier this month SUAL bought 69% in the Ukrainian smelter from AvtoVAZ's investment arm. (Reuters - 04/26/05)

Subsribers, click here and scroll down to read ENAL's Comment.