EBRD may decline to take 20% share in Huta Katowice

The European Bank for Reconstruction and Development (EBOR) may no longer be interested in taking over a 20% stake in Huta Katowice steel mill subsidiary HK Long. In accordance with HK Long's privatization project, EBOR was to receive a 20% stake, with British-Dutch Corus Group taking 31% and HK Long's creditors holding 19%. The remaining shares were to stay in the hands of Huta Katowice. As reported by EBOR Polish representative Jan Krzysztof Bielecki, the bank has decided to support only financially strong projects. He declined to disclose, however, whether HK Long's privatization process is such a project. Additionally, Corus' spokesman Mike Hitchcock is rather hesitant to guarantee that the concern will take over its designated 31% stake. (Puls Biznesu, p.5)