It is reported that Cyprus-based company Daveze Limited has acquired a 100% 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% of the company authorized capital. The financial details of the deal have not been disclosed.
In August 2009 the management of Donetsk Electrometallurgical Plant was taken over from Russian steel producer Estar Holding by A1, a company owned by the Russian investment conglomerate Alfa Group, after it failed to repay a bank loan.
Donetsk Electrometallurgical Plant has a capacity of more than one million tons 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. (SteelOrbis)