July 20, 2007 / 9:33 AM / 12 years ago

Ukraine's ISD to raise investment in Polish steel

WARSAW, July 20 (Reuters) - Ukraine’s steel holding Industrial Union Donbass (ISD) plans to raise its investment in Poland’s Huta Czestochowa and has considered buying other Polish firms, daily Puls Biznesu reported on Friday.

ISD has already invested $185 million in the steel company and said it would put another 400 million zlotys ($147.2 million) into the firm to increase output, almost 10-times the amount specified in the takeover deal.

The holding company is now eyeing other steel, energy and shipyard firms in Poland.

“We are interested in buying not only in the steel sector, but also in related areas,” said Konstanty Litwinow, chief executive of ISD’s Polish unit.

Ukraine’s second-largest corporation has already initiated a deal to buy electro-energy firm Elsen — once part of Huta Czestochowa — and said it was also looking at ferro-alloys producer Huta Laziska and the Gdansk shipyards.

ISD’s investments in Poland opened the way for other Ukrainian businesses. Their investment in the Polish market rose to $800 million in 2007 from $350,000 in 2004.

ISD is a holding company which owns more than 40 industrial enterprises in Ukraine and other countries, including the Denprovsky and Kramatorsky steel plants and Hungary’s Dunaferr and DAM steel.

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