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Moody's withdraws ratings for Industrial Union of Donbass.

April 10, 2009 "Moody’s"
Moscow, April 09, 2009 -- Moody's Investors Service today has withdrawn the
B1 corporate family rating of Industrial Union of Donbass ("ISD").

The rating is withdrawn upon the company's request, which qualifies under
Moody's Guidelines for the Withdrawal of Ratings in situations associated
with "Business Reasons". Please refer to Moody's Withdrawal Policy on


..Issuer: Industrial Union of Donbass

....Corporate Family Rating, Withdrawn, previously rated B1

The last rating action was on January 30, 2009 when Moody's confirmed the
existing B1 rating of ISD and assigned a negative outlook. The negative
outlook reflected the effects of the weaknesses in the industry, the low
visibility for prospects of short term recovery and the current limitations
for Ukrainian companies to receive long-term funding from their banks.

The principal methodology used in rating ISD was Global Steel Industry,
October 2005 (94683), which can be found at www.moodys.com in the Credit
Policy & Methodologies directory, in the Ratings methodologies subdirectory.
Other methodologies and factors that may have been considered in the process
of rating ISD can also be found in the Credit Policy & Methodologies

Industrial Union of Donbass ("ISD") is one of the leading steel producers in
Eastern Europe and is one the largest in Ukraine with an annual production
of 10.1 million tones of liquid steel in 2007.

The company's production assets are located in four sites, with two mills in
the Ukraine and one each in Hungary and Poland. Through its JV with Duferco,
the company also has equity interests in Danish Steel in Denmark, MakStil in
Macedonia and supplies slabs to Farrell in the US.
ISD is primarily exporting its products (85% of 2007 revenues) with the main
export markets being Europe (45% of total sales) following by sales to
South-East Asia (20% of the sales).

The company is ultimately owned and controlled by several Ukrainian
individuals and their families.

In 2007 the company reported revenue of USD 6.15 billion and USD 1.3 billion
of EBITDA based on audited consolidated financial statements.
Company — ISD
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    Financial institutions