KIEV, June 21 ??“ A Russian-Ukrainian consortium defeated Mittal Steel, the world??™s largest steel maker, by winning a preliminary tender to invest in an unfinished Ukrainian iron ore producer whose reserves are enough for 200 years.

The government is to select later this year whether to accept a joint bid from Metalloinvest and Smart-group or to accept a bid from Mittal Steel for development of Kryvy Rih Oxidized Ore Mining Plant.