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OAO Severstal (SVST)

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Monday 29 October, 2007

OAO Severstal


OAO Severstal
29 October 2007

Press Release

29 October, 2007

               Severstal Resurs acquires two gold mines in Russia

Severstal's mining division, Severstal Resurs, has acquired two gold-mining
enterprises: OOO Neryungri Metallic that mines gold from the Tabornoye deposit
in the Sakha-Yakutiya Republic, and ZAO Rudnik Aprelkovo which mines from the
Pogromnoye gold deposit in the Chitinskaya oblast.

Severstal Resurs acquired both businesses through Severstal's subsidiary
Bluecone Ltd, in a cash deal for an undisclosed sum. Both mines were originally
managed by the Arlan investment company.

'Both the Tabornoye and Pogromnoye deposits are very attractive assets with
significant development potential. We see these deals as an important next step
in the formation of Severstal Resurs' gold-mining division. The deals also
progress our strategy of developing Severstal's mining business', said Roman
Deniskin, CEO of Severstal Resurs.

Tabornoye is located in the southern part of Yakutiya, 100 km away from
Baikal-Amur railway. Pogromnoye is in the Chitinskaya oblast, 300 km east of
Chita city.

Both deposits are operated as open-pit mines with gold extracted utilizing heap
leaching technology.

Gold production at Tabornoye and Pogromnoye for 2007 is estimated to be 2,7 tons
(or 87 thousand ounces).

Tabornoye has a reserve balance of C1+C2 gold amounting to 15 tons, while P1+P2
gold exceeds 70 tons. The Pogromnoye gold deposit's reserves are estimated to be
25 tons of C1+C2.

In September, 2007, OOO Severnaya Zolotorudnaya Kompaniya (Northern Gold Mining
company), a company controlled by Severstal Resurs, secured the geological
exploration and gold extraction rights for the Uryahskoye ore field (100 tons of
P2+P3 gold) in the Irkutskaya oblast, and the Sagan-Golsky gold field in
Buryatiya Republic (60 tons of P1+P2 gold).

Severstal Resurs also controls a 29.7% stake in Irish gold-mining company Celtic
Resources. On 27 October 2007 Severstal's subsidiary Centroferve Limited made a
cash offer to the shareholders of Celtic to acquire all the shares of the
company. The offer is valid until 16 November 2007.

Severstal Resurs manages all of Severstal's mining operations. The division
consists of four high-quality mining complexes in northwest Russia and in
Western Siberia producing iron ore and coking coal. It is the second largest
producer of pellets and coking coal in Russia.

In 2006, Severstal's Mining division produced 5.4 million tons of coal
concentrate, 2.2 million tons of coking coal, 2.1 million tons of steam coal,
9.5 million tons of iron ore pellets and 4.5 million tons of iron ore

The reserves and resources of the company were estimated by IMC Limited to be
1.8 billion tonnes of iron ore as at 1 January 2006 and 0.7 billion tonnes of
coal as at 1 April 2006.

The scrap business of Severstal Resurs consists of a number of scrap metal yards
in the northwestern, central and southern parts of Russia. The total processing
capacity is 1.3 million tonnes of scrap per year. Scrap is delivered to Europe
and Middle East through the ports of St. Petersburg, Murmansk, Arkhangelsk,
Rostov and Taganrog.

Arlan investment company -

For further information please contact:
Severstal, Investor Relations - Russia
Dmitry Druzhinin
[email protected]

Severstal Resurs, Public Relations - Russia
Sergey Loktionov
+7 495 981 09 10
[email protected]

Tulchan Communications - UK
Dominic Fry/Tom Murray
+44 207 353 4200
[email protected]

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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