Metalloinvest Announces Intragroup Structure Optimisation
Leading Russian iron ore, HBI & steel producer Metalloinvest has announced an optimised ownership structure of its operating assets. As a result of a number of intragroup transactions, Holding Company Metalloinvest will gain direct control of Andrey Varichev Mikhailovsky GOK. Therefore, Metalloinvest will directly own both mining enterprises, Lebedinsky GOK and Mikhailovsky GOK. Holding Company Metalloinvest will control the steel segment enterprises through the GOKs. Lebedinsky GOK will directly own Alexey Ugarov OEMK, while Mikhailovsky GOK will remain the sole shareholder of Ural Steel.
Metalloinvest CEO Mr Nazim Efendievsaid "We are aligning our organisational structure with the sustainable operational and financial relationships between our enterprises. Lebedinsky GOK and OEMK practically operate in a single production chain, while Mikhailovsky GOK supplies Ural Steel with iron ore raw materials. The streamlined organisational structure will improve the efficiency of business processes and management of production flows."