SeverStal
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| Type | Public |
|---|---|
| Founded | 24 August 1955 as Cherepovets Steel Mill 24 September 1993 as OJSC Severstal |
| Headquarters |  Cherepovets |
| Key people | Alexey Mordashov, CEO and Majority Owner and Chris Clark, Independent Director; Non-executive Chairman of the Board |
| Industry | Steel Mining |
| Products | Steel Metalware Large Diameter Pipe |
| Revenue | ~ US$22.4 bn (2008) |
| Employees | ~100,000 |
| Website | http://www.severstal.com/ |
Severstal (RTS:CHMF MICEX:CHMF) Russian: Северсталь, "Northern Steel") is a Russian company mainly operating in the steel and mining industry, centred in the northern city of Cherepovets. Severstal is listed in the RTS and LSE. As such it is the first largest steel company in Russia according to Metal Bulletin rating 2008. The majority of the company's stock belongs to Alexey Mordashov. Its high-quality assets are located in Russia, Ukraine, Kazakhstan, United Kingdom, France, Italy and the United States. Severstal owns mining assets in Russia and in the USA, thus securing its supplies of raw materials. As "White Knight" Severstal was to merge with Arcelor, thus preventing a takeover of Arcelor by Mittal, but the Arcelor deal with Severstal was called off following criticism within the Arcelor board. Arcelor finally merged with Mittal Steel on 25 June 2006 to create Arcelor Mittal.
Severstal gives its name to a Russia Super League ice hockey club, Severstal Cherepovets.
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[edit] History
During the early 1930s, iron ore was discovered on the Kola Peninsula and coal was discovered in Pechora. Steel making was now possible in northwest Russia. In 1940 the Soviet government published a resolution "On Organization of Steel Making in the North-west of the USSR", and located a steel mill in Cherepovets, a city convenient to the St Petersburg-Ekaterinburg railway and the Volga-Baltic waterway.
Facility construction accelerated after the end of the war, and at 3:25 PM on August 24, 1955, the Cherepovets steel mill was born.
Construction continued apace down through the decades. Cherepovets became a major steel center of the Soviet Union.
On September 24, 1993 according to the decree of the Russian President Boris Yeltsin, the state-owned Cherepovets Iron and Steel Complex became an open joint-stock company: Severstal.
[edit] Severstal Company
BUSINESS DIVISIONS
OAO “Severstal” comprises the following business divisions:
Severstal Russian Steel is Russia’s largest steel producer and includes the following segments: steel, pipe, metalware and services as well as scrap procurement operations. The CEO: of the division is Anatoly Kruchinin (who is also CEO of Cherepovets Steel Mill).
Severstal Resources comprises Severstal’s assets related to iron ore, coal and gold extraction in Russia, CIS and the USA. The division is Oone of Russia’s largest producers of pellets and coking coal. CEO: , the division is run by RomaAlexander Grubmann Deniskin.
Severstal International comprises Severstal’s operations in Europe and North America. Lucchini Group produces high-quality steels and long products in Italy and France and has a European distribution network. In the United States, Severstal is the fourth largest steel producer. Severstal North America operates four fully-integrated iron steel mills in the US as well as a new generation mini-mill, Severstal Columbus. CEO: Gregory Mason is CEO of the division and is (also COEO of OAO Severstal North America).
In 2008, Severstal produced 19.,2 million tones of steel. Revenues were $22.4 billion and EBITDA was $5.4 billion. EPS was $2.2.
YEAR EVENT 1940 A resolution on Organization of Steel Making in the North-west of the USSR was signed by the USSR government and the central Committee of the Communist Party.
1947 Construction of Cherepovets Steel Mill was completed.
1993 The state-owned Cherepovets Iron and Steel Complex was registered by the municipal administration of the city of Cherepovets as Severstal joint-stock company.
2001 Severstal and Arcelor formed the Severgal joint venture.
2004 Severstal North America was created when Severstal acquired all the steelmaking assets of Rouge Steel (Michigan, USA).
April 2005 Severstal acquired a 19.9% stake in European steel producer Lucchini.
June 2005 Severstal acquired a listing on MICEX SE.
April 2006 Severstal acquired a 100 percent stake in British wire producer Carrington Wire (CWL).
October 2006 Severstal acquired a controlling stake in Lucchini.
November 2006 Severstal Global Depository Receipts began trading on the London Stock Exchange priced at $12.50.
May 2007 Severstal acquired Arcelor’s 25% minority stake in Severgal.
May 2007 Severstal acquired a further 9% of Lucchini.
February 2007 Severstal acquired Celtic Resources, a gold mining company with assets in Russia and Kazakhstan.
September 2007 Severcorr (Mississippi, USA) begins operations.
October 2007 Severstal acquired Aprelkovo and Nerungri Metallic, two gold mines in Eastern Russia December 2007 Severstal consolidated its stake in Severcorr. Currently named Severstal Columbus.
April 2008 Severstal introduces the Unified Health, Safety and Environment Protection Policy.
April 2008 Severstal announces a corporate restructuring; 3 business divisions established.
May 2008 Severstal Metiz TAS agree the sale of the group TAS 34.6% share of JSC Dneprometiz to Severstal Metiz
May 2008 Severstal acquired Sparrows Point (Maryland, USA) steel mill. Currently named Severstal Sparrows Point.
May 2008 Severstal Resources purchases a controlling stake in an iron ore deposit in Western Africa and becomes a shareholder of Mano River Resources
June 2008 Severstal acquired Esmark Inc. (West Virginia, USA). Currently named Severstal Wheeling.
July 2008 Severstal acquired WCI Steel mill (Ohio, USA). Currently named Severstal Warren.
August 2008 Severstal Metiz acquires 100% of Redaelli Tecna SPA
August 2008 Severstal Resources takes control of Balazhal Gold Mine in Kazakhstan
November 2008 Severstal acquired PBS Coals (Pennsylvania, USA)
November 2008 Severstal Resources acquires a controlling stake in High River Gold
As most Russian companies, Severstal has been strongly affected by the global economic meltdown. According to the Financial Times, Severstal face $1.8 billion in debt payment in 2009. The company stocks have also lost 80% of their value in 2008 and the company had to cut 9.000 jobs in Russia.
[edit] Management and subsidiaries of the SeverStal Group
[edit] Management Committee
As of April 2007:
- Alexey Mordashov (CEO)
- Sergei Kuznitsobv (Deputy CEO, CFO)
- Alexander Grubman (CEO of Severstal Resources)
- Anatoly Kruchinin (CEO of Seversta Russian Steel)
- Gregory Mason (CEO of Severtsal International, CEO of Severstal North America)
- Vladimir Kozlov (Deputy CEO)
- Olivier Jake (Deputy CEO)
- Nicolas Vallorz (Deputy CEO)
- Alexey Yegorov (Deputy CEO)
- Vadim Saveliev (Deputy CEO)
- Thomas Veraszto (Deputy CEO)
- Andrey Mitiykov (Deputy CEO)
[edit] Subsidiaries
OAO Severstal
- Severstal Russian Steel
- Cherepovets Steel Mill
- Izhora Pipe Mill
- Severstal Metiz
- Redaelli Techna (acquired 04 August 2008)
- Severstal Enamel
- Severstal Furniture
- Severstal International
- Severstal North America
- Severstal Dearborn
- Severstal Sparrows Point
- Severstal Wheeling
- Severstal Warren
- Severstal Columbus
- Lucchini Group
- Piombino
- Ascometal
- Severstal North America
- Severstal Resources
- Vorkutaugol
- Karelsky Okatysh
- Olenegorskiy mining and processing plant
- Gold Segment
- PBS Coals
- Severstal Aviacompany
[edit] External links
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