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Metinvest Closes Merger Deal with Ilyich Steel
11/18/2010 - Metinvest B.V. has obtained all the required approvals and permits from anti-monopoly authorities to acquire control over Private JSC “Ilyich Stal” and Public JSC “Ilyich Iron and Steel Works of Mariupol.”
Metinvest B.V. (the Netherlands) has obtained all the required approvals and permits from anti-monopoly authorities to acquire control over Private JSC “Ilyich Stal” and Public JSC “Ilyich Iron and Steel Works of Mariupol.”
Metinvest now has over 50% of votes in the supreme management bodies of the two companies.
Metinvest Group says that acquiring Ilyich I&SW is an important step in implementation of its long-term strategy aimed at strengthening vertical integration and attainment of maximum efficiency of the production capacities in Ukraine, along with strengthening the company’s market positions.
Metinvest is an international vertically integrated mining and steel group of companies. Production facilities of Metinvest produce enough steelmaking raw materials to meet its own demand and to be a key supplier to major steelmaking companies in Ukraine, Europe, and Asia. The major shareholders of Metinvest are SCM Group (75%) and Smart-Holding (25%), partnering in the company’s management. Metinvest Holding, LLC is the managing company of Metinvest Group.
