Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ukraine's Metinvest urges customers not to buy 'stolen' steel

Published 06/22/2022, 07:00 AM
Updated 06/22/2022, 07:06 AM
© Reuters. FILE PHOTO: A view shows Azovstal steel mill during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 20, 2022. REUTERS/Alexander Ermochenko/File Photo

© Reuters. FILE PHOTO: A view shows Azovstal steel mill during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 20, 2022. REUTERS/Alexander Ermochenko/File Photo

KYIV (Reuters) - Ukraine's largest steelmaker has urged customers not to buy any products made at its plants in Mariupol because it fears they may have been stolen by Russian forces occupying the southern city.

Metinvest said in a statement that more than 234,000 tonnes of steel products manufactured by its Ilyich Steel and Azovstal factories had been in storage in Mariupol when Russia's invasion of Ukraine began on Feb. 24.

The two plants have not cooperated with Russian representatives since Russian and separatist forces took full control of Mariupol in May, it said.

Russian forces have blockaded Ukrainian ports in the Back and Azov seas, preventing Azovstal and Ilyich Steel from exporting products to clients in Europe and the Middle East. But ships loaded with grain and metals will leave Mariupol soon, a pro-Russian separatist leader said last week.

"Metinvest enterprises have underlined that there is a high probability of theft and smuggling of Ukrainian steel products," Metinvest said in a statement.

"Metinvest Group's enterprises, therefore, ask all potential buyers to reject any offers related to the stolen products, as any purchase thereof would not be considered as having been made in good faith."

The statement provided no evidence of theft.

Asked why Metinvest considers any of its products that go on sale are likely to have been stolen, a company spokesperson provided no further details but said: "Because the occupiers are already looting it. They have already stolen some of the volumes and boasted about that in their media".

© Reuters. FILE PHOTO: A view shows Azovstal steel mill during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 20, 2022. REUTERS/Alexander Ermochenko/File Photo

Russia has previously dismissed Ukrainian allegations of stealing from territories it has occupied in Ukraine.

Moscow says it is engaged in a "special military operation" to demilitarise Ukraine and rid it of dangerous nationalists. Ukraine and its allies dismiss this as a baseless pretext to launch an unprovoked war of aggression.

Latest comments

Russian soldiers dying in service of barbarism and thievery. Very sad.
whatever, don't care
no matter what money is first .
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.