Metinvest Group, an international vertically integrated group of mining and steel companies, announced changes in the governance structure of the Mariupol Ilyich Iron and Steel Works and Ilyich Stal.
Metinvest BV (the Netherlands) became a member of the supervisory boards of MMKI and Ilyich Stal as of February 15th, 2013. Metinvest BV will be the sole member of the supervisory boards of both enterprises and will serve 3 year term. Respective resolutions were adopted by the shareholders of MMKI and Ilyich Stal at shareholders’ meetings on February 14th, 2013.
The changes were made to optimize corporate governance within Metinvest Group and standardize management processes. The shareholders of other enterprises within the Group adopted similar changes to their supervisory boards in 2012. (SteelGuru)