The company responsible for the Karaganda mine explosion has changed its owner

The shares of the Arcelormittal Temirtau and Arcelormittal Tubular Products Aktau enterprises were purchased by the Kazakh state direct investment fund Qazaqstan Investment Corporation. About it reported Ministry of Industry and Construction of Kazakhstan. The shareholder of the Kazakh automaker Allur, Andrey Lavrentyev, became a new investor in the enterprises. He will take over in the coming days.

The negotiations were conducted by the government of Kazakhstan and the international company ArcelorMittal, which owned the assets. The ministry said in a statement that “the deal is important for the future of these enterprises and their sustainable development.” The transaction amount was $286 million. Initially, ArcelorMittal estimated the value of its asset at $3.5 billion.

“I would like to especially emphasize that $286 million is the cost of two fully functioning enterprises. There are obligations to invest directly in the AMT itself and in social projects. All obligations to suppliers and employees will be fulfilled in full,” said Minister of Industry and Construction Kanat Sharlapaev at a briefing (quote from the portal “Horde”).

The minister noted that the new investor assumes obligations to the parent company ArcelorMittal to repay a short-term loan in the amount of $250 million and a long-term loan in the amount of $450 million within four years. He will also be able to decide how to rename the company. However, the government of Kazakhstan believes that it is better to return the enterprise to its historical name – “Karmet”.

At the end of October, in the Kostenko coal mine, owned by ArcelorMittal Temirtau, there was a fire and explosion died 46 miners. The company owned 15 coal mines in Kazakhstan, and accidents at these mines occurred regularly.

Prime Minister Alikhan Smailov said that the new investor ArcelorMittal Temirtau will have to invest at least $3 billion in production over three years. In particular, the Ministry of Industry of Kazakhstan plans to increase the company’s steel production by 40–50%, to 4.5–4.8 million from 3.2 million per year.

44-year-old Andrey Lavrentyev is included in the Forbes ranking of the most influential businessmen in Kazakhstan. He is the chairman of the board and shareholder of the largest automaker in Kazakhstan – the Allur Group of Companies, the official distributor and partner of the Chevrolet, Kia, JAC and LADA brands in Kazakhstan. He owns 22.38% of Allur shares.

Anastasia Larina