KIEV, Aug. 24 - Chinese steel corporation Sinosteel is ready to invest $1 billion in the Kryvy Rih oxidized ore mining and dressing mill, Ukrainian Ambassador to China Serhiy Kamyshev said at the seventh meeting of ambassadors and Prime Minister Yulia Tymoshenko in Kiev on Monday evening.

He said the Chinese steel group is ready to invest the money if another $2 billion is invested by European companies.