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16 Sep 2008 08:05
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Severstal announcesĀ shareĀ buyback programme
SeptemberĀ 16,Ā 2008
OAO SeverstalĀ todayĀ announces theĀ startĀ ofĀ aĀ share buy-backĀ programmeĀ ofĀ up to US $400Ā million,Ā the equivalent ofĀ 2.8% ofĀ itsĀ share capitalĀ based on the closing price of US$14.04Ā of the Company'sĀ LondonĀ listed GDRs onĀ SeptemberĀ 15, 2008.Ā
TheĀ Shares andĀ GDRsĀ will beĀ repurchased on Severstal's behalf, and held by one of its subsidiaries.
The timingĀ and extentĀ ofĀ any repurchases, which are expected to take place over the course of the nextĀ 6Ā to 10Ā months,Ā will depend onĀ the on-going trading price ofĀ Severstal'sĀ shares and GDRs and prevailingĀ equity market conditions.
Commenting on the proposed share buy-back programme, Sergei Kuznetsov, Severstal'sĀ Chief Financial Officer, said,Ā
"Today's announcement underlines our confidence in the value of our own business.Ā WithĀ ourĀ financial strengthĀ andĀ robust capital structureĀ we are well positionedĀ to complete this repurchase whilst still being in a positionĀ to fund our investmentĀ programmeĀ and take advantage of other value-enhancing opportunities as they arise."
For further information:
Severstal
Dmitry Druzhinin, Investor Relations
Olga Antonova, Public Relations
+7Ā 495Ā 540 7766
Dominic Fry, Tom Murray, Tulchan Communications
+44 207 353 4200
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