Ukrainian mining and steel producing company Metinvest Holding (Metinvest) has announced that it has closed the deal for acquisition of the legal title on controlling stakes in the share capital of private joint-stock company ‘Ilyich Stal' and public joint-stock company ‘Ilyich Iron and Steel Works of Mariupol', the Ukrainian steelmaker specialized in flat steel production.
Accordingly, the Netherlands-based company Metinvest B.V. has obtained all the required approvals and permits from the anti-monopoly authorities to acquire control over Ilyich Stal and Ilyich Iron and Steel Works of Mariupol, which gives Metinvest over 50 percent of votes in the management bodies of the abovementioned companies.
"The entry of Ilyich Iron and Steel Works of Mariupol into Metinvest group is an important step in the implementation of the long-term strategy of the group aimed at strengthening vertical integration and attainment of the maximum efficiency of the production capacities in Ukraine along with strengthening the company's market positions," reads Metinvest's statement.