Cyprus-based company buys Ukraine's Donetsk Electrometallurgical Plant

Friday, 19 March 2010 16:43:30 (GMT+2)

Cyprus-based company Daveze Limited has acquired a 100 percent stake in Ukraine's Donetsk Electrometallurgical Plant, the mini-mill previously known as ISTIL.

Accordingly, the Cypriot company has bought 392,767,872 shares representing 100 percent of the company's authorized capital. The financial details of the deal have not been disclosed.

As SteelOrbis previously reported, in August 2009 the management of Donetsk Electrometallurgical Plant was taken over from Russian steel producer Estar Holding by A1, a company owned by Russian investment conglomerate Alfa Group, after it failed to repay a bank loan.

Donetsk Electrometallurgical Plant has a capacity of more than one million mt of crude steel per year, and specializes in the production of round billets of special grades and also in the production of continuous cast round and square billets.

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