Головна сторінка
/
Новини
/

Yenakiyeve Steel temporarily halts production due to local fighting

Yenakiyeve Steel temporarily halts production due to local fighting

14 August 2014

The third largest steelmaker of Metinvest (METINV), Yenakiyeve Steel (ENMZ UK), reported on Aug. 13 that it has temporarily suspended its operations in order to avoid possible casualties among employees resulting from active armed fighting in close proximity. The fighting has already led to the bombardment of one of its converter workshops, though the company has yet to report material damage.

 

Roman Topolyuk: The Yenakiyeve Steel plant generates 12% of Metinvest’s revenue and below 2% of its EBITDA, we estimate, and is an important part of the vertically integrated chain of Ukraine’s biggest steel holding. The three assets of Metinvest – Yenakiyeve Steel, Khartsyzk Pipe (HRTR UK) and Krasnodonvuhillia (which satisfies 45% of the holding’s coking coal demand) – are located on territory controlled by separatist forces. Any material damage to either of them caused by the war, which can’t be precisely forecasted, could be used by Metinvest as a pretext to initiate restructuring talks with lenders.

Останні новини

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...