OREANDA-NEWS. Metinvest B.V., the parent company of international vertically integrated steel and mining group of companies, has acquired a 39.74% stake in Zaporozhogneupor to have control over the company.

The share consolidation deal took place on 18-19 April 2013. Following the transaction, Metinvest increased its existing stake to hold over 50% of votes in the highest corporate body of Zaporozhogneupor.

The deal was approved by antitrust agencies of respective jurisdictions, including the Antimonopoly Committee of Ukraine.

With the controlling stake in Zaporozhogneupor Metinvest can meet its needs in quality refractories for steelmaking and thus boost competitiveness of its products. The newly acquired company has the capacity to develop national production of expensive magnesia refractories, which are now mainly imported.

METINVEST is a vertically integrated mining group of companies that manages assets at each stage of production chain – from mining coal and iron ore to making semi-finished and finished steel products. The Group includes mining and steel companies located in Ukraine, Europe and the USA with a sales network covering all key global markets. Metinvest Group consists of metallurgical and mining divisions. Metinvest pursues a strategic vision to become the leading vertically integrated steel producer in Europe with sustainable growth and profit irrespective of economic cycles and ensure a higher return on investments than the industry average.