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9.1.10 Renewables corporate news
9.2.11 Metallurgy & mining corporate news
● Metinvest
Metinvest Group, beneficially owned by Rinat Akhmetov and Vadym Novynskyi, announced on October 25 that 16 companies of the Group have filed claims to the European Court of Human Rights (ECHR) against Russia for damages caused by Russia to the Group’s property and possessions in the city of Mariupol and other territories of Ukraine since 24 February 2022. Among others, Azovstal and Ilyich Steel have filed claims with regards of Mariupol-based steelmakers. Additionally, more than 10 Group companies will file similar claims by the end of this year.
Metinvest Group claims, that Russia has been violating its rights under Article 1 of Protocol 1 to the European Convention on Human Rights by causing significant damage and destruction to its assets, by denying the Group’s control over its assets, in many cases to the point of effectively depriving Group of ownership over the assets, and by depriving the Group of the business use and income-generating potential over its assets.
Therefore, each of the Group’s companies, which has suffered damages because of full-scale Russia’s invasion in Ukraine in February 2022, is filing claims against Russia to hold Russia accountable for the devastations that it has caused to the Group’s assets, seeking fair compensation for damages that occurred due to Russian aggression.
The Group’s applications follow a similar claim by Mr Akhmetov, co-owner of the Group, which he filed with the ECHR on 23 June 2022. Metinvest Group supports his claim, regards the Group companies’ applications as mutually complementary and is acting in full coordination with its shareholder as the cases progress.
Metinvest Mining and Metallurgical Group is currently operating at 30%-50% of the pre-war levels and will be able to restore its previous volumes within six months to a year after the end of the war, Metinvest CEO Yuriy Ryzhenkov told the British edition of The Economist. According to him, two metallurgical plants in Mariupol were badly damaged.
● Interpipe
● Ferrexport
Ferrexpo mining company with assets in Ukraine has suspended production at its facilities in Poltava region due to damage to the state power infrastructure by Russian shelling on Monday, October 10.
● Other
65 UKRAINE Country Report November 2022 www.intellinews.com