The Ukrainian steel plant closed its representative office in Moscow due to “economic inexpediency”
The Supervisory Board of the Dneprospetsstal plant (Zaporozhye) at a meeting on June 2 decided to close the representative office in Moscow.
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This was reported by Ukrainian News.
It is noted that the representative office will be closed due to the economic inexpediency of its further activities.
Previously, the representative office performed the functions of representing and protecting the commercial interests of the enterprise on the Russian market.
In 2016, compared to 2015, Dneprospetsstal reduced its loss by 42,9%, or by UAH 302,9 million to UAH 403,651 million, reducing net income by 7,9%, or by UAH 538,334 million to UAH 6,319 billion.
In 2016, compared to 2015, the plant reduced steel production by 3% to 237,033 thousand tons.
The plant's shareholders are associated with VS Energy International, whose beneficiaries are several Russian entrepreneurs, including Russian State Duma deputy Alexander Babakov.
Ukrainian metallurgical plant closes its Moscow office due to "economic infeasibility"