15 September 2010

Severstal subsidiary acquires shares in Intex Resources ASA

OAO Severstal (“Severstal”) (LSE: SVST; RTS: CHMF), one of the world’s leading vertically integrated steel and mining companies, announces that it has acquired via its subsidiary Lybica Holding B.V. (“Lybica”) 19,504,500 shares in Intex Resources ASA (“Intex Resources”) at a share price of NOK 3.90 per share. As a result of the acquisition, Severstal controls approximately 21.71% of the shares and votes of Intex Resources.

Following the acquisition, Lybica aslo announces its intention to make a voluntary offer (the "Offer") for all of the shares of Intex Resources not currently owned by Lybica at the Offer price of NOK 3.90 per share, subject to the Oslo Stock Exchange’s approval of the Offer. The complete details of the Offer, including all terms and conditions, will be contained in an Offer Document which will be sent to Intex Resources’ shareholders following review and approval by the Oslo Stock Exchange. Lybica’s official announcement on the Oslo Stock Exchange can be found at: http://www.newsweb.no/newsweb/search.do?messageId=267233.

Boris Granovsky, Head of Strategy and Business Development at Severstal Resources, OAO Severstal’s mining division, commented: “The acquisition of the stake in Intex Resources ASA is part of our diversification strategy into new commodities”.

Intex Resources ASA is a public mining and exploration company listed on Oslo Stock Exchange with its headquarters also in Oslo, Norway. Intex’s main asset is the Mindoro Nickel Project - a substantial nickel laterite deposit in the Philippines. In addition, Intex has two molybdenum assets in Norway, as well as Maniitsoq, a diamond province in Greenland.