Moldova Steel Works was set up in 1985 following the Order of the USSR Iron and Steel Ministry. Moldova Steel Works was transformed into a Lease Holding enterprise based on the respective Lease Contract dd. 24.05.1990.
 Operating in market conditions and in terms of a fierce competition on the international steel markets required the management and the staff of MSW researching new ways of integration into a global system of steel producers and a precondition for such integration was changing the ownership type.

 Restoring of the industrial potential of the Republic needs foreign investments, and decentralisation (privatisation) of business enterprises was necessary to make investment activities to become attractive.

 Privatisation of Moldova Steel Works faced a number of difficulties as at that time TMR had neither a legislation nor procedures specifying methods of transforming the state-owned enterprises into the joint stock companies. The tight collaboration of MSW top management with deputies of the TMR Supreme Council, members of the Government, officers of Ministries and Authorities succeeded and resulted in establishing the respective methods and procedures which allowed for the privatisation of LH MSW and implementing an investment attraction plan for the region which was considered to be a Republic with an unstable economy and not recognised by the world community.

 On March 19, 1998 following the Resolution No. 159 dd.22.10.1997, TMR Supreme Council, "About the state privatisation of LH MSW" the plant was registered as a Close Joint Stock Company with 100% of shares owned by the state.
 On April 7, 1998 following the Resolution No.181, TMR Supreme Council, "About the share of the personnel in CJSC MSW" the personnel of the plant received 28,8% block of shares. The employees and those retired became shareholders of CJSC Moldova Steel Works.

 In 1998 year, the crisis that eroded the global market had its immense negative effect on the plant. That was a very hard period with unpredictable and dramatic falls in steel prices all over the world. Slumped markets of rolled products and billets had the effect of a scaled down production. Deficient scrap supplies to the plant, refuse of some buyers to take products at earlier agreed pre-crisis price levels resulted in the non-efficient operation of the plant, a deficient working capital and large payables. In 1998 the plant missed up to USD 19,6 mln. because of the declined prices.

 In this complicated situation the plant saw only two ways out:
- either to attract credit facilities up to USD 15-20 mln. on favourable terms, e.c. a minimum interest rate and three to five year deferred payment of the principal and interests;
- or to find a strategic investor for a block of shares value of which would suffice to repay debts and to replenish the working capital.
The plant strove for its survival in this critical surrounding and researched ways to stabilise the situation.

 One of the most efficient ways for the plant out of the critical situation and to gain the production output was to attract foreign investments.
 There were a number of impediments to the activity of foreign investors, such as a non-recognised Transdniestrian currency and consequent difficulties with exchange transactions, insufficient legislation coverage to regulate decentralisation and privatisation issues, a fierce competition on the international markets, low income per capita, etc.

 Having studied Russian and Ukrainian experience in privatisation, the management of the plant understood the necessity of attracting only one principal investor to avoid contending groups of shareholders owning big blocks of shares.
 Based on the analysis of the submitted investment projects and negotiations with potential investors the priority was given to ITERA International Energy L.L.C.

 ITERA international energy corporation was established in 1992. ITERA Group comprises over 60 divisions in many countries and mainly in Russia. ITERA deals with chemical, steel, engineering, power companies from the CIS and the Baltic countries and its field of activity includes exploiting of new gas fields, gas production and piping and sales of Russian and Turkmen gas.
 TMR Supreme Counsel decided to sell to ITERA International Energy L.L.C. up to 75% block of shares of CJSC Moldova Steel Works.
 On September 3, 1998 in Tiraspol, Transdniester, a Trilateral Agreement on cooperation, interrelations and mutual guarantees was signed among TMR Government, ITERA International Energy L.L.C. and CJSC MSW.
 Additionally, a number of documents was signed that regulated relations among the Government, ITERA International Energy L.L.C. and CJSC MSW, as well as a method of payment for the state-owned block of shares of CJSC MSW.

 In year 2003, ITERA International Energy L.L.C. sold 14% out of its block of shares in JSCC MSW to RUMNEY TRUST REG. and the Government (TMR) sold its 15,6% block of shares to EIM Energy Investment & Management Corporation via the Transdniestrian stock exchange.
 On March 24, 2004 ITERA International Energy LLC sold the remaining 61% of its block of shares in JSCC MSW to RUMNEY TRUST REG and EIM Energy Investment & Management Corporation.

 Today the block of shares of CJSC Moldova Steel Works is distributed as follows:

"EIM Energy Investment & Management Corporation"	45,6%
"RUMNEY TRUST REG."	45%
Steel invest limited	8,23%
Individuals	1,17%