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August 29, 2008


Russian Estar denies intent to buy Ukraine mill

Kyiv Post reported tat Russian Estar steel group denied reports suggesting it was close to inking an agreement to buy ISTIL, a firm whose main asset is a small Donetsk steel mill.

Mr Lubov Popova PR manager of Estar told the Kiev Post that “We are not buying ISTIL.

ISTIL, founded by Pakistani Mr Mohammad Zahoor, refused to comment on the deal.

Ukrainian news agency and newspapers last week reported Estar, controlled by Russian lawmaker and billionaire Mr Vadim Varshavsky, was holding talks to buy the Ukrainian mill controlled by the Pakistani founded ISTIL group.

Pakistani native Mohammad Zahoor founded the ISTIL steel group, whose main asset is a small steel mill in Donetsk. ISTIL’s steel mill in Ukraine annually churns out up to 1 million tonnes of steel.