Russia’s Mechel has paid in full for the Donetsk Electrometallurgical Plant purchased in 2011. The group lost control over the plant 3 years ago. Mechel bought 100% of the enterprise shares for $537 million with the payment by monthly installments until late 2018. In February Mechel paid the last installment. (Ukrainian metal)
Until December Mechel has to make monthly payments for the purchase of Donetsk Electrometallurgical Works, bought in 2011, and in 2016 “nationalized” by the militants of the so-called Donetsk People’s Republic, a terrorist organization created and supported by Russia. On December 22, 2011 Mechel bought 100% of Daveze Ltd shares, owner of 100% of DEMZ,…
The authorities of the so-called Donetsk People’s Republic (the Russia-supported terrorist organization) try to put the idle Donetsk Electrometallurgical Plant back into operation. According to the company new director Alexander Zubov, some 400 people, mostly ex-employees, are trying to assemble equipment. After the works is up and running it will be able to produce some…
The head of the so-called Donetsk People’s Republic Zakharchenko has decided to temporarily administrate the Donetsk Electrometallurgical Plant and create Yuzovka Iron and Steel Works on its basis, with all DEMZ assets given to the new company. Now Mechel faces the risk of losing control over DEMZ. The company is studying the situation and will…
The Arbitrary court of Moscow has denied Vadim Varshavsky, the ex-owner of Estar, his claim to Mechel to hand over Daveze Limited shares, which owns Donetsk Electrometallurgical Plant. Estar bought DEMZ and some other assets in 2009 from Istil Group for $1 billion. Alfa-Bank financed the deal, and when Estar wasn’t able to clear its…
In 2015 Donetsk Electrometallurgical Plant received 768.91 million UAH of losses.
Shareholders of Donetsk Electrometallurgical Plant have reelected Vladimir Nikitashev the company general director.
The 9th court of appeals has refused to make Mechel sell Vadim Varshavsky the shares of Daveze Limited, owner of Donetsk Electrometallurgical Plant.
