” Mariupol Ilyich Iron and Steel Works “, JSC lost in the court over 1 billion UAH

” Mariupol Ilyich Iron and Steel Works “, JSC lost in the court over 1 billion UAH

21.01.2016 News

” Kryvyi Rih Iron Ore Plant”, JSC  won in a court case to recover from the ” Mariupol Ilyich Iron and Steel Works “, JSC  the part of the ”Metinvest” group, a total 1.32 billion UAH  for the delivered products – the iron ore together with penalty charges.

This is stated in the decision of the Commercial Court of Zaporozhye region. According to the court decision, “Mariupol Ilyich Iron and Steel Works” have to pay Kryvyi Rih Iron Ore Plant 653.880 million UAH of principal debt, 9.987 million UAH of fines, 25.2 UAH as a 3%  per annum and 344 270 000 UAH of inflation losses.

The court suspended the execution of the decision by one year, until 22 December 2016.

“Kryvyi Rih Iron Ore Plant”  wanted in court the recovery from “Mariupol Ilyich Iron and Steel Works” in the amount of 1.122 billion UAH (equivalent to 47,208,000 dollars).

The court received a certificate of the chief accountant of “Kryvyi Rih Iron Ore Plant”, according to which the net financial profit of the company for 2014 amounted to 1.254 billion UAH, while the figure for 2015 is expected to be 850 529 000 UAH.

As reported, “Kryvyi Rih Iron Ore Plant”  in 2014 increased the production of ore by 2.3% in comparison with 2013 year – up to 5,850 million tonnes, but reduced in 2015 by 6.7% to 5,460 million tons.

The plant specializes in an underground mining of iron ore. Mainly they sell products to “Enakievo Steel Plant” and “Mariupol Ilyich Iron and Steel Works”.

The main shareholder of the “Kryvyi Rih Iron Ore Plant”  is a Starmill Limited company, which owns 99.88% of its shares.

The SCM Group of businessman Rinat Akhmetov owns a certain share in “Kryvyi Rih Iron Ore Plant”. The Group is the only investor in SCM, and operational control of the plant is maintained by a “Private” Group of Igor Kolomoisky.

“Mariupol Ilyich Iron and Steel Works” is a part of the “Metinvest” Group, the main shareholders of which are “System Capital Management” PJSC (71.24%) and the group of companies “Smart-Holding” (23.76%).

Source: delo.ua

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