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OAO Severstal (“Severstal” or the “Company”) (LSE: SVST; MICEX-RTS: CHMF), one of the world’s leading vertically integrated steel and steel related mining companies, has received a debt repayment of US$360 million from Nord Gold N.V. (“Nordgold”) (LSE: NORD).
This repayment completes all debt arrangements between Severstal and Nordgold following the split-off of Nordgold from Severstal completed in January 2012 and further underpins Severstal’s strong financial position and level of liquidity.
Alexey Kulichenko, CFO of Severstal commented: “The split-off of Nordgold from Severstal represented an important stage in our stated strategy to be a leading focused steel and steel related mining company. This outstanding debt repayment represents the final stage of this transaction and further reinforces our strong balance sheet.”