Case No COMP/M.5251 - SYSTEM CAPITAL MANAGEMENT-ENERGEES METINVEST

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 21/10/2008

In electronic form on the EUR-Lex website under document number 32008M5251

Office for Official Publications of the European Communities L-2985 Luxembourg

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 21.10.2008 SG-Greffe(2008) D/206403 C(2008) 6225

PUBLIC VERSION

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

To the notifying parties

Dear Madam(s) and/or Sir(s),

1.On 17.09.2008, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 by which the undertakings System Capital Management Limited ("SCM", Cyprus) and Energees Investments Limited ("Energees", Cyprus) belonging to the SMART Group acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of the undertakings Metinvest B.V ("MIBV", The Netherlands) and its subsidiaries Makeeva Metallurgical Plant ("MMZ", Ukraine) and Promet Steel JSC ("Promet", Bulgaria) by way of purchase of shares.

The business activities of the undertakings concerned are:

-- for SCM : production of metals and coal;

1OJ L 24, 29.1.2004, p. 1.

Commission europÈenne, B-1049 Bruxelles / Europese Commissie, B-1049 Brussel - Belgium. Telephone: (32-2) 299 11 11.

-- for Energees: production of steel;

-- for MIBV: iron ore and coal mining, semi-finished and finished steel production;

-- for MMZ: production and sale of raw steel materials and manufacturing of downstream products in the steel sector;

-- for Promet: production of downstream products in the steel sector.

2.After examination of the notification, the Commission has concluded that the notified operation falls within the scope of Council Regulation (EC) No 139/2004 and of paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of certain

concentrations under Council Regulation (EC) No 139/2004.

For the reasons set out in the Notice on a simplified procedure, the Commission has decided not to oppose the notified operation and to declare it compatible with the common market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of Council Regulation (EC) No 139/2004.

For the Commission, (signed) Philip LOWE Director General

2OJ C 56, 05.3.2005, p. 32.

2