Consolidation has been the name of the game in the international steel industry for the past 15 years. Europe and the United States have witnessed mega-mergers, concentration of resources and streamlining of operations between steel mills, raw material suppliers, iron and steel makers, equipment manufacturers, traders, etc. Ukraine had to go through the same process, but did it while managing its post communist transition and trying to find the right formula to ensure the survival of the largest and most crucial sector of its economy. Today, the sector is showing a radically different face than 15 years ago, when most of the industry was in the hands of the Ukrainian state. As of today, the privatization process is largely complete with the last major mill sold being Kryvorizhstal, the country’s largest. Only a few, ill placed companies are still listed by the state as waiting for a private owner to revive their destinies.