Ukraine’s ISTIL changes name to Donetsk Electrometallurgical Plant

The shareholders of the Ukrainian mini-mill ISTIL have announced their decision to change the name of the mill to Donetsk Electrometallurgical Plant.
 
The decision is in line with the acquisition contract, which stipulates that the new owner is allowed to use the ISTIL brand during one year from the moment the transaction is completed. As previously reported by SteelOrbis, on April 9 this year Cyprus-registered Berycan Ltd, owned by Russian investment company "MirInvest", completed the purchase of 100 percent of shares of ISTIL Group Holdings Ltd, which included the mini-mill ISTIL.
 
During the first ten months of 2008, ISTIL increased its crude steel production by 6.6 percent to 916,000 mt, and raised its finished steel production by 11.8 percent to 902,000 mt.