Economy 2022-07-15T08:17:49+03:00
Ukrainian news
Higher Economic Court Sends For Repeat Consideration Case On Illich Iron & Steel Works' Right To Continue Leas

Higher Economic Court Sends For Repeat Consideration Case On Illich Iron & Steel Works' Right To Continue Leasing Ukrmekhanbor

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The Higher Economic Court of Ukraine has sent to a court of the first instance for repeat consideration a case on the right of the Illich integrated iron & steel works (Mariupol, Donetsk region) to continue leasing the Ukrmekhanbor State Scientific and Production Enterprise (Dnipropetrovsk region).

This is said in the court's ruling, Ukrainian News Agency reports.

The Illich integrated iron & steel works has applied to a court with a request to recognize its right to continue leasing Ukrmekhanbor.

On November 17, 2016, the Kharkiv Regional Economic Court recognized the right of the Illich integrated iron & steel works to continue leasing Ukrmekhanbor and ordered the Donetsk regional office of the State Property Fund to sign a supplementary agreement extending the lease until August 17, 2027.

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

On February 3, 2017, the Kharkiv Appeal Court confirmed the right of the Ilyich Iron and Steel Works to continue leasing the Ukrmekhanbor State Scientific and Production Enterprise.

The Donetsk regional office of the State Property Fund applied to the Higher Economic Court of Ukraine with a request to terminate the rulings.

The Higher Economic Court satisfied the appeal of the regional office of the State Property Fund and decided to terminate the rulings of the lower instances and to send the case for a repeat consideration.

As Ukrainian News Agency earlier reported, the Ministry of Economy repeatedly stated in summer 2016 that it intended not to renew the Illich integrated iron & steel works' agreement on lease of Ukrmekhanbor, but it added that it was not ruling out its lease or privatization in the future.

Ukrmekhanbor meets 90% of the ore needs of the Illich integrated iron & steel works' blast furnace shop and 40-50% of the ore needs of its sinter plant.

The Illich integrated 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 System Capital Management group (71.25%) and the Smart Holding group of companies (23.75%). They manage the company as a partnership.





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