SeverStal : A Company Statement

Luxembourg (ots/PRNewswire) - Since we signed our merger agreement with Arcelor on May 26th, we have proceeded in good faith with our partners to provide a compelling value proposition to shareholders. In response to feedback from investors, we have also substantially improved the merger terms. We have a legal, binding merger agreement that the board of Arcelor entered into. It has unanimously supported it to date, consistently affirming the industrial logic, the better business sense and the higher value creation behind our agreement on several occasions. In light of this we are very surprised that the board did not invite us to discuss our revised proposal nor offer us an opportunity to respond as we had requested. We are now reviewing all of our options. About SeverStal SeverStal is the largest Russian steel producer, with 2005 steel production of 17.1 million tonnes. It is the second largest flat steel producer in Russia with annual steel production of 10.9 million tonnes. In addition, SeverStal owns Severstal North America, the fourth largest integrated steelmaker in the U.S. with 2005 production of 2.7 million tonnes, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tonnes. The SeverStal Group is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per tonne of approximately EUR150 per tonne. SeverStal-Resource owns 70 years of iron ore reserves and 84 years of coal reserves. SeverStal-Resource produces coking coal, thermal coal, iron ore pellets and iron ore concentrate. More information For the latest on the deal - news, views and information, please visit Severstal Speaks, our in-time updated communication website, at Contact for Europe Marie Rouet +33-6-03-81-51-37 Alpana Kar +33-6-98-18-31-47 Edelman +33-1-56-69-75-74 Contact for London Jonathan Smith +44-7801-144052 Contact for Russia & CIS Olga Antonova +7-(495)-540-7765 ext. 6447 ots Originaltext: Severstal Im Internet recherchierbar: Contact: Contact for Europe: Marie Rouet +33-6-03-81-51-37, Alpana Kar +33-6-98-18-31-47, Edelman +33-1-56-69-75-74, Contact for London, Jonathan Smith +44-7801-144052, Contact for Russia & CIS: Olga Antonova +7-(495)-540-7765 ext. 6447,

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