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Severstal announces share buyback programme
September 16, 2008
OAO Severstal today announces the start of a share buy-back programme of up to US $400 million, the equivalent of 2.8% of its share capital based on the closing price of US$14.04 of the Company's London listed GDRs on September 15, 2008.
The Shares and GDRs will be repurchased on Severstal's behalf, and held by one of its subsidiaries.
The timing and extent of any repurchases, which are expected to take place over the course of the next 6 to 10 months, will depend on the on-going trading price of Severstal's shares and GDRs and prevailing equity market conditions.
Commenting on the proposed share buy-back programme, Sergei Kuznetsov, Severstal's Chief Financial Officer, said,
"Today's announcement underlines our confidence in the value of our own business. With our financial strength and robust capital structure we are well positioned to complete this repurchase whilst still being in a position to fund our investment programme and take advantage of other value-enhancing opportunities as they arise."
For further information:
Dmitry Druzhinin, Investor Relations
Olga Antonova, Public Relations
+7 495 540 7766
Dominic Fry, Tom Murray, Tulchan Communications
+44 207 353 4200