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Severstal is approved to receive financing under Kyoto Protocol


ОАО Severstal (“Severstal” or the “Company”) (LSE: SVST; MICEX-RTS: CHMF), one of the world’s leading vertically integrated steel and steel related mining companies, announces that its environmental projects that enabled the company to cut greenhouse gas emissions by 4.7 million tons in 2008 through 2012 have been approved by the Ministry of Economic Development to receive financing under the Kyoto Protocol.

This refers to two large-scale equipment renovation projects that have made it possible to relieve the environmental impact.

One of those is dubbed Construction of Shaft Furnace № 2 at the Cherepovets Steel Mill.

Apart from upgrading the slab line, a steel-making furnace and a ladle furnace were built under this project in the electric steel-making shop of the Cherepovets Steel Mill.

The other project called Increasing Energy Efficiency through Modernization of Steel Production involved upgrading of coke-oven battery №3 and blast furnace №4 at the Cherepovets Steel Mill.

Andrei Lutsenko, chief engineer of the Severstal Russian Steel Division commented: “The environmental effect of these projects will enable Severstal to receive financing under the Kyoto Protocol. The Company will channel the funds toward the implementation of other environmental programs.”

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