KIEV, Oct. 25 ??“ The National Bank of Ukraine and the government scrambled Tuesday seeking safe ways of converting huge Kryvorizhstal sell-off proceeds into local currency and avoiding a collapse of the forex market, officials said.

Mittal Steel, the world??™s biggest steel producer, is expected to channel $4.79 billion to the government within some 36 days for a 93% stake in Kryvorizhstal it won at the auction Monday.