SVST.L Regulatory News (SVST)

15 Dec 2006 10:47

OAO Severstal15 December 2006 SEVERSTAL Mira str. 30, RU-162600, Cherepovets, Vologda region, RussiaPhone: +7 (8202) 53 14 18, fax: +7 (8202) 53 12 56, www.severstal.com For Immediate Release15 December 2006 SEVERSTAL ANNOUNCES RESULTS OF THE EXTRAORDINARY GENERAL MEETING ("EGM") OAO Severstal ("Severstal") announces that all the resolutions were duly passedat today's Extraordinary General Meeting including those in relation tothe appointments to the Board of Directors. These appointments are made as partof Severstal's new corporate governance arrangements designed to comply with thekey elements of the UK's corporate governance standards. Following these appointments, Severstal will have a ten person Board. Five Executive Directors: Alexey Mordashov, Mikhail Noskov, Vadim Makhov, Anatoliy Kruchinin, VadimShvetsov. Five Independent Non-Executive Directors: Chris Clark, Independent Director and Non-executive Chairman of the Board;Martin Angle, Independent Director; Rolf Stomberg, Senior Independent Director;Ron Freeman, Independent Director; Dr Peter Kraljic, Independent Director. The first meeting of the Board of Directors was held immediately after theExtraordinary General Meeting. The Board of Directors has elected Chris Clark as the Chairman of the Board andappointed Chairmen and members of Audit and Remuneration committees. Audit Committee: Chairman: Martin Angle Members: Dr Peter Kraljic, Ron Freeman Remuneration Committee: Chairman: Rolf Stomberg Members: Chris Clark, Alexey Mordashov Enquiries: Severstal+7 495 540 7766 Dmitry Druzhinin, Investor RelationsOlga Antonova, Public Relations Citigate Dewe Rogerson+44 20 7638 9571 Andrew HeyMarina Zakharova NOTES TO EDITORS Chris Clark Chris Clark, 64, is a leading industrialist and businessman and brings extensivebusiness knowledge to the Board. He had a 40 year career at Johnson Matthey plc,the specialty chemicals and precious metals group, becoming Chief Executive in1998. He led the Group into the FTSE 100 in 2002. Since his retirement in 2004, he has assumed a number of Non-Executivepositions. Currently, he chairs Associated British Ports; Urenco Limited (theleading international supplier of enriched uranium to the power generatingindustry); and Wagon plc (the European manufacturer of metal components for theautomobile industry). Martin Angle Martin Angle, 56, has been an Operational Managing Director at Terra FirmaCapital Partners (previously Nomura International, Principal Finance Group)since 2001. Prior to that Mr. Angle was group Finance Director at TI Group plc.He has also held a number of senior positions at Kleinwort Benson Ltd, includingMember of the Board at Dresdner Kleinwort Benson North America Inc and was alsoa Head of UK M&A at investment bank Morgan Stanley. Rolf Stomberg Rolf Stomberg is Chairman of the Supervisory Board of Lanxess AG, the globalchemicals company spun-off from Bayer with operations in 50 countries generating2005 sales of US$8.5 billion, which is undergoing a successful change program. In addition he is the Senior Independent Director of Anglo-Dutch internationalpublishing and online information group Reed Elsevier Plc, the medical devisescompany Smith & Nephew Plc, is a member of the Supervisory Board of TNT NV, andsince 1999 he is Chairman of specialist management consulting firm, theManagement Consulting Group Plc. Mr Stomberg spent his executive career with BP, joining in 1970 after completinghis PhD in Economics at Hamburg University. His long career with BP spanned arange of functions through finance IT and marketing and he held a number of keyleadership positions - including as Chief Executive of BP Deutschland, ChiefExecutive of BP's European downstream business and latterly Chief Executive ofBP Oil International. In this role, he was responsible for the company's entiredownstream operations and activities, with then sales of US$55 bn, assets ofUS$10 bn and 35,000 employees across 70 countries. Ronald Freeman Ronald Freeman, 67, is a board member and advisory partner/shareholder ofinvestment bank and securities dealer, Troika Dialog, a supervisory board andaudit committee member of pharmaceutical manufacturer Pliva, an internationaladvisory board member to Unicredito Bank and senior advisor to the DoughtyHanson European real estate fund. He is also a member of the InternationalAdvisory Committee of Columbia Law School and the Development Committee ofMansfield College, Oxford. He was appointed head of the Banking Department of the European Bank forReconstruction and Development (EBRD) from the EBRD's inception in 1991 until1997 with responsibility for 2 billion per year of mainly private sector debtand equity financing in the Bank's twenty three countries of operations. From1973 to 1991 and from 1997 to 2000 he was an investment banker with Citigroup,latterly as co-head of European Investment Banking until his retirement in 2000. Dr Peter Kraljic Peter Kraljic, 68, is a Director Emeritus at McKinsey, where he spent 32 yearsand held a number of senior positions until his retirement in 2002. Focusedmainly on industrial clients in sectors such as chemicals / pharmaceuticals,automotive assembly machinery and steel / aluminum and related service sectors,he was also a member of McKinsey's Shareholders, Firm Development and PersonnelDevelopment Committees and has managed the company's activities in France as aGeneral Director. He is a published author of a number of scientific and business articles inpublications such as Columbia Journal of Business, Harvard Business Review,Manager Magazine and Le Figaro Economic and he has lately been leading specialprojects aimed at economic growth and job creation in Germany and Brazil. Severstal's business: Severstal's vertical integration, focus on high value-added products,substantial modernisation of operations and recent geographic expansion throughattractive acquisitions have enabled it to leverage cost synergies and generatestronger cash flows and earnings. Severstal seeks to actively enhance itsproduct portfolio with new products to meet customer demand for high qualityflat products in Russia and the United States, particularly in the automotiveindustry, niche products in Russia, including large diameter pipes and wiredrawn products, and specialty and high value products in Europe, includingspecial bars and wire rods produced by Lucchini. Further information about Severstal is available at www.severstal.com This information is provided by RNS The company news service from the London Stock Exchange