14th Feb 2008 15:25
OAO Severstal14 February 2008 SEVERSTAL COMPLETES ACQUISITION OF 100% SHARE CAPITAL OF CELTIC RESOURCES HOLDINGS PLC Severstal, an international mining and steel company, announces that CentroferveLimited, a wholly owned subsidiary of Severstal, has completed the acquisitionof gold miner Celtic Resources Holdings plc ("Celtic"). As at 30 January 2008,when its Offer for Celtic closed, and upon completion of the compulsoryacquisition procedure Centroferve had acquired 100% of the issued share capitalof Celtic. Celtic's shares were delisted from AIM on 22 January 2008. The revised offer of Severstal of 290 pence per share valued Celtic at 173million pounds. As a result of earlier acquisitions of Celtic shares at lowerprice levels, the total acquisition price paid by Severstal was 162 millionpounds. Notes to editors: Severstal is an international steel producer and miner with a listing on theRussian Trading System and the London Stock Exchange. The company focuses onhigh value-added and unique niche products and has a successful track record ofacquiring and integrating high-quality assets in North America and Europe. In2007 Severstal produced 17.5 million tonnes of steel. Severstal owns mining assets in Russia, thus securing its supplies of rawmaterials. There are four high-quality mining complexes in northwest Russia andin Western Siberia producing iron ore and coking coal. Severstal Resurs (managesall Severstal's mining assets) is the second largest producer of pellets andcoking coal in Russia. The scrap business of Severstal Resurs consists of anumber of scrap metal yards in the Northwestern, Central and Southern parts ofRussia. Severstal Resurs assets in the gold sector include two gold mining companies -OOO Neryungiri Metallic, located in Sakha-Yakutia, and ZAO Rudnik Aprilkovolocated in Chita region - and licenses for geological survey and gold mining atthe following fields - Vitikamsky and Sagan Golsky located in Buryatia regionand Uryakhsky ore field located in Irkutsk region. It also now includes twoCeltic's gold mines - Suzdal and Zherek - and controls Shorskoye molybdenum mine(eastern Kazakhstan). Enquiries: Severstal Dmitry Druzhinin, Investor RelationsOlga Antonova, Public RelationsTel: +7 495 540 77 66 Centroferve Roman DeniskinNikolai ZelenskiTel: +7 495 9810910 ext.6633 Morgan Stanley & Co. Limited Peter BacchusArash MahdavianiTel: +44 20 7425 8000 FD London Jon SimmonsBen BrewertonTel: +44 20 7831 3113 Morgan Stanley is acting exclusively for Centroferve and Severstal Resurs and noone else in connection with the Offer and Morgan Stanley will not regard anyother person as a client in relation to the Offer and will not be responsible toanyone other than Centroferve and Severstal Resurs for providing the protectionsafforded exclusively to its clients or for providing advice in relation to theOffer, the contents of this announcement or any transaction or arrangement referred to herein. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SVST.L