Tag: Severstal

Severstal has bought a 25.6% stake in Iron Mineral Beneficiation Services (IMBS) for USD 17 million as part of a deal that will allow it to globally roll out Finesmelt technology. 

OAO Severstal has announced changes to its senior management team that will come into effect on 1 September 2010. Mr Alexander Grubman, currently CEO of Severstal Resources division, has been appointed as CEO of Severstal Russian Steel. Mr

Olenegorsk mining and processing plant, a part of Russian-based steelmaker Severstal mining division, has received a license to explore and mine iron ore from the eastern district of the South Kahozersk iron ore deposits in the Murmansk region of NW Russia.

The shareholders meeting of Arcelor, which met on 30 June 2006 under the Chairmanship of Mr Joseph Kinsch, has resolved to reject the proposed Severstal merger. Arcelor’s board of directors has announced that approximately 58% of the outstanding share capital of Arcelor voted against the proposed Severstal merger.

The extraordinary shareholders meeting of Arcelor, which met on 30 June 2006 under the Chairmanship of Mr Joseph Kinsch, has resolved to reject the proposed SeverStal merger.

Russian steel maker Severstal said on 29 June that it was examining all options in relation to Arcelor and had not made a final decision on its next step.

Severstal has offered to revise the terms of its merger agreement announced on 26 May 2006 with Arcelor in a bid to outflank Mittal Steel's competing bid.

Mr Alexei Mordashov, Severstal's chairman and principal shareholder, said that the group will abandon its plan to merge with Arcelor if Mittal Steel manages to acquire a stake of 50% or more in the combined group.