At their extraordinary absentee meeting held on February 27, the shareholders of OJSC Mikhailovsky GOK approved the purchase and sale contract with respect to shares in OJSC Ural Steel, the company informed.
Under the agreement, Mikhailovsky GOK will acquire 725 million common shares in Ural Steel (the nominal value being RUB 1) at RUB 20 per security, for a total of RUB 14.5 billion.
Mikhailovsky GOK (mining and processing plant, tax number: 4633001577) is part of Metalloinvest holding.
According to the information and retrieval system DataCapital, net profit (RAS) of Mikhailovsky GOK for January-September 2012 decreased by 14.68% to RUB 16.914 billion from RUB 19.824 billion for 9 months 2011. Revenue rose by 4.76% to RUB 44.694 billion from RUB 42.665 billion, sales profit decreased by 7.59% to RUB 21.606 billion from RUB 23.38 billion, pre-tax profit by 15.13% to RUB 21.163 billion from RUB 24.935 billion.
Metalloinvest Holding (tax number: 7705392230) is the fourth largest manufacturer of iron ore raw materials worldwide. The holding includes enterprises of Russia's mining and metallurgical sectors: OJSC Mikhailovsky GOK, OJSC Lebedinsky GOK, OJSC Oskol Elektrometallurgical Plant / OEMK), OJSC Ural Steel.
The company is one the key steel manufacturers in the region accounting for about 9% of the total steel and steel products output in Russia.
Net profit (IFRS) of Metalloinvest for H1 2012 increased by 187.1% to $1.312 billion from $457 million. Consolidated revenue decreased by 7.6% to $4.458 billion from $4.825 billion, EBITDA by 13.1% to $1.642 billion from $1.89 billion, EBITDA margin to 36.8% from 39.2%.