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OAO Severstal (56IZ)


Friday 04 February, 2005

OAO Severstal

2004 unaudited financials

OAO Severstal
04 February 2005

OAO Severstal (The Company) announces preliminary operational and unaudited
financial results for the year ended 31 December 2004.

In 2004, the Company produced 12.8 million tonnes of crude steel, of which 10.4
million were produced by Cherepovets Steel Mill in Russia and 2.4 million by
Severstal North America, Dearborn, MI, USA.

The expected sales revenues (net of VAT and other taxes) reached US$6,415
million, a two fold increase compared to the previous FY2003 figure of US$3,202
million. Supportive economic environment boosted prices in the steel markets,
propelling the Company's EBITDA to US$2,376 million, with a margin of 37.0%,
versus EBITDA of US$1,002 million and a margin of 31.3% in 2003. The net profit
increased by 127% to US$ 1,344 million, compared to US$591 million for the

Severstal's prepares its financial statements in accordance with the IFRS.

The company makes no representation, direct or implied, that these figures are
true and correct, and you should not rely on these numbers as having been
audited or otherwise independently verified. Certain numbers may be presented
differently once audited, and the company takes no responsibility and accepts no
liability for such changes and accepts no responsibility for providing the final
audited financial statements to you once the audit has been completed.

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

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