SVST.L Regulatory News (SVST)

2 Apr 2007 16:00

OAO Severstal02 April 2007 SEVERSTAL For Immediate Release2 April 2007 Severstal announces the Board of Directors passed the resolution to accept the bidding offer presented by SINPAR SpA The meeting of the Board of Directors of Lucchini SpA, held on 29th March 2007,examined the proposals and letters of interest sent by several national andinternational market operators, to buy 100% share owned by Licchini SpA in thesubsidiary "Lucchini Sidermeccanica Spa". Having examined the several proposals received, the Board of Directors passedthe resolution to accept the bidding offer presented by SINPAR SpA (a company ofLucchini Family); the value of the binding offer accepted corresponds to thevaluation opinion researched by a reputable Italian Bank. The value of acquisition based on the enterprise value of 215 million Euros ispayable within 30 days from the signature of the purchase agreement subject toreceipt any necessary untitrust approvals which will be in April 2007. CEO Mr.Giovanni Gillerio will execute this operation and withdraw Lucchini SpAfrom a market sector, which is not linked with its own core business and toconcentrate the Group's strategy and investment plan on the Plant at Piombino. Further information about Severstal is available at www.severstal.com Enquiries: Severstal+7 495 540 7766Dmitry Druzhinin, Investor RelationsOlga Antonova, Public Relations This information is provided by RNS The company news service from the London Stock Exchange