OREANDA-NEWS. On December 12, 2007 Supervisory Board of KhTZ (SB) made the decision to remove A.V. Shishatsky from the position of the General Director and appointed A.V. Borovikov, KhTZ Technical Director, to the position of the acting General Director, reported the press-centre of Metinvest Group.

The decision on dismissal of A.V. Shishatsky and approval of the new GD is to be made at the regular general meeting of shareholders of KhTZ, which is to take place at the beginning of next year. The decision of the SB was made after having considered the KhTZ performance results in 2007 and after having approved the strategic development for the year 2008.

The strategy of KhTZ development approved by Metinvest Holding suggests sustainable increase in KhTZ production and diversification of sales markets for KhTZ products. The main focus will be on production activity, efficiency improvement, investment policy and technical upgrading of the plant. A.V. Borovikov has rich experience of all aspects of KhTZ production and is one of the developers of KhTZ long term development strategy.

KhTZ SB expressed their thanks and noted the contribution of A.V Shishatsky who has been in charge of the plant since March 2004.

Reference:
Khartsyzsk Pipe Plant (Khartsyzsk, Donetsk Region) belongs to Metinvest Group and is the largest CIS producer of longitudinal electric-welded large diameter pipes of 478-1420 mm for major gas and oil pipelines. Plant facilities can produce over 1.6m tons of pipes a year. Khartsyzsk Pipe Plant has an integrated Quality Control System that meets ISO 9001, ISO 14001, OHSAS 18001, API Spec Q1, DSTU ISO 9001 standards.

Metinvest Group is the regional leader and one of the key players on the world’s iron and steel market. Metinvest Group companies produce more than 10,5 million tons of steel and more than 38 million tonnes of iron ore raw materials annually. Metinvest not only satisfies its own raw material needs but is also a key supplier for many other Ukrainian steel companies.

LLC Metinvest Holding is the managing company of Metinvest Group. LLC Metinvest Holding is owned by Dutch company Metinvest B.V. (51,15%) and ZAO SCM (48,85%). 100% of Metinvest B.V. is owned by SCM (Cyprus), 90% of ZAO SCM is owned by Rinat Akhmetov.