7 July 2010

Severstal announces reorganization of its holdings in Crew Gold Corporation

Amsterdam, Limassol, July 7, 2010 - Severstal Gold N.V. and Bluecone Limited, subsidiaries of OAO Severstal (“Severstal”) (LSE: SVST; RTS: CHMF), are announcing that Bluecone Limited has transferred its shares of Crew Gold Corporation to Severstal Gold N.V.  No change in beneficial ownership has occurred.  Severstal continues to be the ultimate beneficial owner of such shares. An updated early warning report under applicable Canadian securities laws will be filed.

About Severstal
OAO Severstal is one of the world’s leading integrated steel and mining companies with listings in Russia and on the London Stock Exchange. Incorporated in 1993, the company focuses on high value added and unique niche products. Its main steel-making assets are in Russia, the United States and Europe.  In 2009, Severstal produced 16.7 million tonnes of steel.

Severstal’s Gold Mining division was established in 2007 and now includes a number of gold mining assets and gold exploration fields in Russia, Kazakhstan and Burkina Faso.