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Metinvest Holding LLC

Metinvest Holding LLC
Based in Ukrine
Active in Ukraine, Italy, United Kingdom, Bulgaria, United States
Targeted base metals, coal

Metinvest Holding LLC (to be confused neither with Metalloinvest, nor with Metalinvest) is part of System Capital Management Holdings (SCM) which in turn is 100%-owned by Ukraine’s richest individual, Rinat Akhmetov.

In late July 2011, Ukraineans suffered their worst coal disaster for four years, as a methane-ignited blast struck the Sukhodolskaya-Vostochnaya mine in the eastern Lugansk region [Reuters 30 July 2011].

At least 27 mineworkers out of the total workforce of 29 were reported killed or dying from burns and other injuries.

An official with Metinvest - which owns 70% of the mine - was quoted as saying it "had modern equipment but was one of the most dangerous coal mines in the country as it had high levels of methane and had experienced accidents in the past" [AFP 29 July 2011].

In 2007, Akhmetov merged his mineral and metals assets with those of Smart-Holding, owned by fellow Urakinian, Vadim Novinksy. In the process, Metinvest acquired ProMet Steel of Bulgaria, and went on to gain further steel companies in Italy (Trametal SpA) and the UK (Spartan UK Ltd). These acquisitions made Metainvest (and thereby Mr Akhmetov) one of the steel princes of Europe – with a plate rolling capacity of a million tonnes [MJ 15 May 2009].

In Spring 2009, Metinvest also took over the United Coal Company (UCC), one of the biggest enterprises of its kind in the United States [ MJ ibid].

In July 2013, Metinvest bought a 49% interest in two iron ore projects owned by Canadian-based exploration company, Black Iron Inc, which owns the Shymanivske and Zelenivske leases in central Ukraine [MJ 26 July 2013].