According to a report in Delo this morning, steel holding Industrial Union of Donbas (IUD) agreed with creditors to prolong a moratorium on debt redemptions until mid-March, and has nearly completed talks on restructuring its total debt. Under the redemption moratorium agreement originally signed in July 2009, IUD only makes interest payments and does not pay down the principal amount. We estimate IUD’s total debt stands at around US$ 3-3.5bn, US$ 450mn of which is maturing in 2010.