Metalloinvest (the "Company"), a leading manufacturer and supplier of iron ore products and hot briquetted iron in the global market, one of the regional producers of high-quality steel, announces the optimization of the ownership structure of operating assets.
As a result of a number of intra-group transactions, the Holding Company METALLOINVEST will gain direct control over JSC Mikhailovsky GOK named after A.V. Varichev ". Thus, HC METALLOINVEST will directly own both mining enterprises: Lebedinsky and Mikhailovsky GOKs.
HC METALLOINVEST will exercise control over metallurgical enterprises through GOKs. Lebedinsky GOK will receive direct ownership of JSC OEMK im. A.A. Ugarov ”, and Mikhailovsky GOK will remain the sole shareholder of JSC“ Ural Steel ”.
The CEO of Metalloinvest, Nazim Efendiev, commented: “We are aligning the organizational structure with sustainable operational and financial relationships between our enterprises. Lebedinsky GOK and OEMK actually operate in a single production chain, while Mikhailovsky GOK provides Ural Steel with the necessary iron ore raw materials. The simplification of the organizational structure will improve the efficiency of business processes and management of goods and material flows. "