Severstal acquires a controlling stake in Crew Gold
27.07.2010
Moscow, July 27, 2010 – OAO Severstal (“Severstal”) (LSE: SVST; RTS: CHMF) announces that it has acquired (through its subsidiary Severstal Gold N.V.) 209,389,500 additional shares in Crew Gold Corporation (“Crew Gold”) through over the counter transactions at a purchase price of USD 0.338325 per share on July 26, 2010. Following the acquisition, Severstal Gold N.V. owns 1,072,832,160 shares in Crew Gold, representing approximately 50.17% of the total shares and votes of Crew Gold.
Nikolai Zelenski, CEO of Severstal Gold, commented: “We are pleased to increase our ownership in Crew Gold and we will continue to work on improving the company’s operational and financial efficiency.”
For further information please contact:
Sergey Loktionov, Public Relations, OAO Severstal
+7 495 9267767 ext. 6446#
sergey.loktionov@severstal.com
OAO Severstal is one of the world’s leading vertically integrated steel and mining companies with a listing on the Russian Trading System, Moscow Interbank Currency Exchange and the London Stock Exchange. The company operates high-quality assets in Russia, North America and Europe. In 2009, Severstal produced 16.7 million tonnes of steel. Revenues were $13.05 billion and EBITDA was $844 million. Severstal’s mining assets in Russia and the USA mean that the Company is self sufficient in coking coal and iron ore in Russia and 50% self sufficient in coking coal in the USA.
Severstal’s gold mining business was established in 2007 and now includes a number of gold mining assets and gold exploration fields in Russia, Kazakhstan and Burkina Faso. In 2009 Severstal Gold assets produced 533,967 oz.
Crew Gold Corporation is a Toronto and Oslo Stock Exchanges listed company (CRU). Crew’s main project is the gold mine LEFA in Guinea with the 2009 year production of 177,923 oz.
