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Politics 2019-04-15T05:41:48+03:00
Ukrainian news
Appeal Court Confirms Ilyich Iron and Steel Works Right To Continue Leasing Ukrmekhanbor

Appeal Court Confirms Ilyich Iron and Steel Works Right To Continue Leasing Ukrmekhanbor

The Kharkiv Regional Appeal Court has confirmed the right of the Ilyich Iron and Steel Works (Mariupol, Donetsk region) to continue leasing the Ukrmekhanbor State Scientific and Production Enterprise (Dnipropetrovsk region).

This is said in the court ruling of February 3, Ukrainian News Agency reports.

In November 2016, the Kharkiv Regional Economic Court recognized the right of the Ilyich Iron and Steel Works (Mariupol, Donetsk region) to continue leasing the Ukrmekhanbor State Scientific and Production Enterprise (Dnipropetrovsk region) and ordered the Donetsk regional office of the State Property Fund to sign a supplementary agreement extending the lease until 17 August 2027.

The regional office of the Property Fund and the Ministry of Economic Development and Trade applied to the appeal court with a request to void the ruling.

The appeal court decided that the local court arrived at a correct conclusion that the lawsuit of the Ilyich Iron and Steel Works were founded and should be satisfied.

Thus, the appeal court upheld the ruling of the court of the first instance. The appeal court obliges the Donetsk regional office of the Property Fund to sign an additional agreement to extend the leasing to 17 August 2027.

As Ukrainian News Agency earlier reported, on 17 November 2016, the Kharkiv Regional Economic Court has recognized the right of the Ilyich Iron and Steel Works to continue leasing the Ukrmekhanbor State Scientific and Production Enterprise (Dnipropetrovsk region) and ordered the Donetsk regional office of the State Property Fund to sign a supplementary agreement extending the lease until 17 August 2027.

In Summer 2016, the Ministry of Economic Development and Trade intended not to renew the Ilyich Iron and Steel Works' agreement on lease of Ukrmekhanbor, but it added that it was not ruling out its lease or privatization in the future.

Ukrmekhanbor provides 90% of the ore needs of the Ilyich Iron and Steel Works' blast furnace shop and 40-50% of the ore needs of its sinter plant.

The Ilyich Iron and Steel Works specializes in production of rolled steel sheets, iron-ore sinter, open-hearth pig iron, cast and rolled slabs, seamless and welded pipes, and gas cylinders.

It is part of the Metinvest group.

The main shareholders of the Metinvest group are the SCM group (71.24%) and the Smart Holding group of companies (23.76%). They manage the company as a partnership.

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