Polish Steel Mills valued at four times privatization price

"The change in the net value of the company recorded at the end of 2004 is related to developments on the steel market stemming from expected growing demand for this product in China" informed representatives of the investor relations department at Mittal Steel. Recently Jerzy Polaczek, Transport Minister, criticized the privatization of Polish Steel Mills, as in his opinion it was sold off for a far too low price. Representatives of the investor revealed that the book net value of assets of the plants amounted to $1.75 billion at the moment of privatization. However this value increased to $2.81 billion by the end of 2004. (Puls Biznesu, pp. 1, 8) M.M.