Akhmetov buys metallurgical works

Ukraine’s Anti-monopoly Committee had granted permission to the Dutch company Metinvest BV, (which is controlled by Ukraine’s richest businessman, Rinat Akhmetov) to consolidate more than 50% of the shares in Mariupol metallurgical complex under the name of Illicha and the company ‘Illich steel’.

This new stage of consolidatation of ‘Metinvest’ and Mariupol complexes gives the management of Illich Company headed up by Vladimir Boyko some 25% of the shares and the remaining 75% of the shares are taken by Rinal Akhmetov’s company. The new owner has already promised to invest about US$2 bn into the complex. Combining these two giants is forecast to enable ‘Metinvest’ to dominate Ukraine’s domestic metallurgical market.