KIEV, July 1 - Ukraine’s largest steel and mining group Metinvest will acquire a 75% stake in Illich Steel, the No. 2 steelmaker, to create a national steel champion that will compete with global majors.

Illich shareholders, at a meeting on Thursday, decided to allow Metinvest to buy out a new share issue, Illich reported.

“After the share issue, a 75% stake [in Illich] will belong to Metinvest,” the company said. “About 23% will be controlled by Illich director general Volodymyr Boyko and 2% by minority shareholders.”