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CORPORATE NEWS

VSŽ wins bid for steel mill

VSŽ Inc., Košice, the east Slovak steel maker, announced that it won a tender to privatize the highly indebted and loss-making Hungarian company DAM Diosgyör. VSŽ will pay a symbolic $1 for the shares with a nominal value of 8 billion forints (1.4 billion Sk), but it pledged to increase the company's capital by 3 billion forints (532 million Sk). VSŽ defeated the German Max Eicher, and a Russian-Hungarian consortium in the tender.

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