Metinvest Assumes Control of Smart’s 82.5% Stake in Inguletsky Iron Ore

Multiple news sources reported that a 82.46% stake in Inguletsky Iron Ore (IGOK: N/R) was transferred from Smart Group to Metinvest, SCM’s metals & mining arm. Kryviy Rih-based Inguletsky Iron Ore is the largest sinter feed producer in Ukraine, with 22.6% of domestic production in 1H07. September’s Metinvest/Smart merger agreement foresees control of Inguletsky, Makiyivka Steel Plant and Bulgarian rolling mill Promet Steel being transferred to Metinvest, in exchange for Smart receiving a minority stake in the new joint holding. As they originally announced, the merger will be completed by the end of 2007.