The Ukrainian iron ore and steel producer Metinvest Group (Metinvest) has announced that, within the process of integration of Smart-Holding group mining and metals assets, it now holds a 90.2 percent share of the statutory capital of the Ukrainian longs producer Makiivka Iron and Steel Works.
Accordingly, Makiivka Iron and Steel Works will be integrated under Metinvest's Steel and Rolled Products division.
As SteelOrbis previously reported, in September 2007 the Ukrainian management company System Capital Management (SCM), a mother company of Metinvest Holding, and Smart-Holding Group defined a format for integration of their mining and metals assets within Metinvest. As a result of the merger, SCM transferred 25 percent + one share in Metinvest to Smart, while Smart-Holding transferred three companies to Metinvest Group, i.e. Inguletskiy GOK, Makiivka Iron and Steel Works, and Promet Steel.