Business | Investment
Interpipe acquires over 95% share of Ukrainian scrap metal firm
Steel pipe and railway wheels producer Interpipe has announced the acquisition of 95.95 per cent of the shares of OJSC "Dnepropetrovsk Vtormet" (Dneprovtormet), one of the largest scrap metal processing plants in Ukraine.
- Staff Report
- Published: 15:11 July 24, 2008
Dubai: Steel pipe and railway wheels producer Interpipe has announced the acquisition of 95.95 per cent of the shares of OJSC "Dnepropetrovsk Vtormet" (Dneprovtormet), one of the largest scrap metal processing plants in Ukraine.
Alexander Kirichko, Interpipe Chief Executive Officer, said: "The acquisition of this scrap metal processing plant is the next important step forward in the transformation of Interpipe into a fully vertically integrated company. Dneprovtormet's facilities will enable us to satisfy our growing needs in scrap metal for the production of pipe and wheel billets, and will also provide high quality raw materials to our new electric steel melting facility Interpipe Steel, which is due to come on stream in 2010".
OJSC "Dnepropetrovsk Vtormet" is the second largest scrap metal processing plant in Ukraine. The plant's facilities for metal scrap storage and processing total 950,000 tons per year.
The plant has a wide spread of areas for scrap collection in Central and Eastern Ukraine. Scrap metal is the basic raw material for production of steel ingots used for manufacturing of Interpipe seamless pipes and railway wheels.
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