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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. more...

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As such it is the second largest steel company in Russia, behind Evraz Group. The majority of the company's stock belongs to Alexei Mordashov. 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.

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 Russian government signed 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 Russia.

On September 24, 1993 according to the decree of the President of the Russian Federation, the state-owned Cherepovets Iron and Steel Complex became a joint-stock company: Severstal.

Severstal Company

In spring 2002 the board of directors of Severstal decided to restructure the assets of the company. Severstal Group was established on June 3, 2002. It was originally comprised of three divisions: a metallurgical division, Severstal Resource and SeverstalAvto, an automaker.

In August 2001, the company founded the Severstal Corporate University, involved in research, education and consultancy.

In 2003 Severstalmash Group became the fourth division of the company, organized from extant service shops of the steel-making division.

Severstal Group also includes Sveza, which is a timber compamy; Sheksna Insurance, which is an insurance company, Metcombank and an airline, Aircompany Severstal.

In January 2004, Severstal, through its subsidiary Severstal North America (‘SNA’), completed the purchase of the assets and business of Rouge Industries for US$285 million in cash. SNA did not assume any of Rouge Industries’ pension liabilities, and agreed to provide a new retirement benefit plan for its employees (formerly the employees of Rouge Industries).

Severstal has 70,8% of Lucchini, the second largest Italian steel group. With its 20 production mills spread in five European countries, Lucchini added 4 millions tones capacity p.a to Severstal’s production. Lucchini is specialized in high quality long and special carbon steel products.

Read more at Wikipedia.org