Metinvest Takes Another Step Towards IPO

Yesterday System Capital Management (SCM) announced that it had transferred a 60% stake in Centralny Iron Ore (CGOK) and 23.67% stake in Severny Iron Ore (SGOK) to its steel holding Metinvest. In December, Metinvest Director, Igor Syryi, said the company was planning to finish its legal restructuring in 2007 as part of its preparations for an IPO, though he gave no date for the IPO.