14 February 2014
Metinvest Group announces the issue of an additional 14,752,200 ordinary shares of Northern Iron Ore Enrichment Works (Northern GOK) for a total nominal amount of UAH 3,688,050.
As result of the issue, the registered capital of the enterprise will grow to UAH 579,707,000.
This decision to conduct the additional share issue was made during a shareholders' meeting on 14 February.
The additional shares will only be issued to existing shareholders at the market price. The plant plans to earn about UAH 118 million in total, which will be allocated to continuing construction of the crushing and transfer complex at the Pervomaysk quarry and replenishing the working capital of the enterprise.
- For editors:
Public Joint-Stock Company Northern Iron Ore Enrichment Works (Northern GOK) is one of the largest ore mining enterprises in Europe, with a complete ore preparation cycle of both iron ore concentrate and pellets. The annual manufacturing capacity of the plant is about 14.5 million tons of iron ore concentrate and over 11 million tons of pellets.
Northern GOK is part of Metinvest Group’s Mining Division.
Northern GOK is the largest manufacturer of pellets in Ukraine. Its products were recognized for quality many by the state contest Top 100 Products of Ukraine.
Metinvest Group is a vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It has steel and mining production facilities in Ukraine, Europe and the US, as well as a sales network covering all key global markets. Its strategic vision to become the leading vertically integrated steel producer in Europe, delivering sustainable growth and profitability resilient to business cycles and providing investors with returns above industry benchmarks. The Group reported revenue of USD 9.8 billion and an EBITDA margin of 18% in the first nine months of 2013.
The major shareholders of Metinvest B.V. (the holding company for Metinvest Group) are SCM Group (71.25%) and Smart-Holding (23.75%), which partner in the Group’s management.
Metinvest Holding, LLC is the management company of Metinvest Group.