Mr Igor Syry CEO of Metinvest Holding signed the MoU developed for the Cabinet, mining and metal businesses and trade unions, on the condition that the section on Cabinet’s fixation of sale prices for rolled metal, coke, iron ore raw materials and other products in the domestic market will be omitted.

Mr Igor Syry said “We believe that signing the Memorandum is an important step in the history of Ukraine’s statehood. We are confident that quick realization of the measures stipulated in the document by all signatories will improve chances of the mining and metal industry of Ukraine to minimize the fallout of the challenging economic situation.”

He said that although the document is constructive in general, Metinvest joined the Memorandum on the condition that the section on Cabinet’s fixation of sale prices for rolled metal, coke, iron ore raw materials and other products in the domestic market will be omitted.

Mr Igor Syry said "Introduction of state regulation of sales prices, on the one hand, means the possibility for the government to interfere with contract relationships of economic entities. On the other hand, it violates all standards and rules of the WTO. Such actions will trigger a wave of antidumping investigations and result in other restrictions by rolled metal consumers in the markets, where Ukrainian enterprises sell up to 80% of their products.”