VAT Kremenchug Steel Foundry, based in Kremenchuh, Poltava region, plans to limit its cooperation with Forum bank regarding salary payments to the enterprise’s staff. Dmytro Chernenko, the company’s CEO, reported the development during a meeting with the staff of the plant.

“Today we have two main stockholders: financial groups TAS and Privat. All employees of our enterprise will receive their salaries in Forum bank. But in the future we’ll switch to the banks of our financial groups,” he said.

UNIAN reference: Kremenchug Steel Foundry was established in 1966 and became a VAT (open joint-stock company) in 1990. Between 2003 and 2005, the company boosted steel melt production from 326 to 512 million hryvnias.

In the past three years, it received 10 million hryvnias of profit.

TEKO-Dniprometvyroby (a part of TAS group) owns 29 percent of the plant’s stock; Privat group holds 33.97 percent; 22.05 percent belongs to Forum insurance company; and System Capital Management (owned by Rinat Akhemtov) controls 9.8 percent of Kremenchug Steel Foundry’s stock. The other 6.18 percent belongs to minor stockholders and individuals.

Last year, the plant produced 181,300 tons of liquid steel, 66.5 percent over 2006 result.

In 2007, the output of steel smelt products was 137,750 tons (83,750 tons a year earlier).