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3 Apr 2012 07:00
Severstal receives US$360 million outstanding debt repayment from Nordgold
Moscow, Russia - April 3, 2012 OAO Severstal ("Severstal" or the "Company") (LSE: SVST; MICEX-RTS: CHMF), one of the world's leading vertically integrated steel and steel related mining companies, has received a debt repayment of US$360 million from Nord Gold N.V. ("Nordgold") (LSE: NORD).
This repayment completes all debt arrangements between Severstal and Nordgold following the split-off of Nordgold from Severstal completed in January 2012 and further underpins Severstal's strong financial position and level of liquidity.
Alexey Kulichenko, CFO of Severstal commented: "The split-off of Nordgold from Severstal represented an important stage in our stated strategy to be a leading focused steel and steel related mining company. This outstanding debt repayment represents the final stage of this transaction and further reinforces our strong balance sheet."
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For further information, please contact:
Severstal Investor Relations
Vladimir Zaluzhsky
T: +7 (495) 926-77-66
vladimir.zaluzhsky@severstal.com
Severstal Public Relations
Elena Kovaleva
T: +7 (495) 926-77-66
elena.kovaleva@severstal.com
Severstal's financial communications agent - Hudson Sandler
Andrew Hayes / Andrew Leach / Maria Ignatova / Alex Brennan
T: +44 (0) 20 7796 4133
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OAOSeverstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, the USA, the Ukraine, Latvia, Poland, Italy, Liberia and Brazil. Severstal is listed on MICEX-RTS and the company's GDRs are traded on the LSE. Severstal reported revenue of $13,573 million and EBITDA of $3,263 million in 2010. Severstal's crude steel production in 2010 reached 14.7 million tonnes. www.severstal.com
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