Zaporizhstal acquisition nearing completion

The Head of the Zaporizhya Regional Administration Borys Petrov said yesterday in a press conference that talks on the acquisition of Zaporizhstal (UX: ZPST UK) to an undisclosed Ukrainian suitor were nearing completion. Local news organizations reported that a 50% stake had been bought by Metinvest, the metals & mining holding of System Capital Management, which it flatly denied in a press release later in the day. There were also rumors that Metinvest and Posco jointly purchased the stake. Besides Metinvest & Posco, ArcelorMittal and Severstal have also been rumored to be interested in the steel mill.