Severstal http://www.alacrastore.com/company-snapshot/Severstal-2504039 Saturday, October 11, 2008 8:43:08 AM 2504039 Severstal en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/404886_report_framefitch/404886_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Adhunik Metaliks LimitedAlcoa Aluminio S.A.Aluminum Corporation of China LtdAmericas Mining CorporationAngang Steel Co LtdAnglo American plcArcelorMittal SABaoshan Iron & Steel Company LtdBhushan Power & Steel LimitedBhushan Steel LtdBlueScope Steel LimitedCAP S.A.Clarendon Alumina Production Ltd.Companhia Siderurgica Nacional (CSN)Companhia Vale do Rio DoceCorporacion Nacional del Cobre de ChileEvraz Group S.A.Freeport-McMoRan Copper & Gold Inc.Grupo IMSA S.A.B. de C.V.Grupo Mexico S.A. de C.V.Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.Hindalco Industries Ltd.JFE Holdings, Inc.JSC MMC Norilsk NickelKobe Steel, Ltd.Magnitogorsk Iron & Steel WorksMaharashtra Seamless LimitedMetalurgica Gerdau S.A.Minera Escondida Ltda.Molibdenos y Metales S.A.Nippon Steel CorporationNovolipetsk Iron & Steel CorporationPOSCORio Tinto plcSamarco Mineracao S.A.SeverstalSiderar S.A.I.C.Siderurgica del Turbio S.A.Southern Copper CorpSumitomo Metal Industries, Ltd.ThyssenKrupp AGUnited States Steel Corporation (U.S. Steel)Usinas Siderurgicas De Minas Gerais S.A. (USIMINAS)Wuhan Iron & Steel Co800897798008995980090452800904668009057080090698800914818009176780360754803609358036095380360990803612568036136980362337803623388036233980417179804843778062480080725182808678318096103180975857818180768202794682033834820423478223746482273687823302958233051482395113826028748262509383071325830713288308792583400063834564648358306783940467846026698474207084980473863577029/26/2008 10:18:43 AM0100000001030000010312000103120201031500010322000104000001070000275Special Report00089805490500055500265500440532727540154055406541154140600019601600AALBSLCAPCHMFCSNA3ERARFCXGMEXICO.BGMKNGOAU3MAGNMOLYMETNLMKPCURIOTKAUSIM3VALE3X404886_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/670851spcred/670851normThe latest Summary from S&Pglobal9/12/2008 8:24:15 AM175Summary670851RussiaSteelEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsMetals & MiningSummaryThe ratings on OAO Severstal reflect its position as the largest Russia-based steel producer in a cyclical, capital-intensive, and competitive industry; substantial capital expenditure plans; and country risks in The Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2), where the company's principal cash-generating operations are located. The ratings are supported by a leading domestic market position; high vertical integration into own raw materials; and improving diversification. The company has healthy cash flow and moderate leverage, with good financial flexibility and liquidity. Spending on acquisitions has significantly increased during 2008 and Severstal has large capital expenditure plans for the coming years. Nevertheless, Standard&Poor's Ratings Services regards the company's financial policy and pro forma leverage as moderate, indicating the potentialRUS15104050 151040 1510 15OAO Severstal375402EMERGINGEUROMIDAFRSUMMARYGLOBISSCORPMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/CMT_0000451803moodys/CMT_0000451803htmlGlobal Credit Research Issuer Comment ## AUG #### Issuer Comment: Severstal OAO Moody's comments on Severstal's acquisition of PBS Coal Corporation - no change in rating On ## August #### Severstal (Corporate Family Rating: Ba#, National...8/28/2008 12:52:51 AMhtmlSeverstal OAOSeverstal OAO600045105150.0000NewsIssuer CommentCMT_0000451803Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/430541_pr_framefitch/430541_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Severstal809758578/25/2008 10:12:00 AM010000000103000001031200010312020107000085Press ReleaseCHMF430541_pr_frameCredit & Investment ResearchFitch ResearchCANADA - Severstal Resources, a unit of OAO Severstal, planned to acquire all the outstanding common stock of Penfold Capital Acquisition Corp (PC), a capital pool company, for #.# Canadian dollars (###.### Russian rubles/$#.### US) in cash per share, or a total value of C$##.### mil (###.### mil rubles/$##.### mil US). The transaction was subject to customary closing conditions and regulatory approvals. Concurrently, PC signed a Letter of Intent {LoI} to acquire PBS Coals Corp.8/23/2008 12:10:38 PM82186P70705081846H707050Severstal ResourcesPenfold Capital Acquisition CorpOAO SeverStalPenfold Capital Acquisition Corphttp://www.alacrastore.com/storecontent/Thomson_M%26A/Severstal_Resources_acquires_Penfold_Capital_Acq_Corp-2006367040sdc/20063670402006367040Copyright © 2008, Thomson Financial, All Rights ReservedMiningRussian FedIron ores1011FFForeignSubsidiary1011:Iron ores1221:Bituminous coal and lignite surface mining3312:Steel works, blast furnaces, and rolling mills3316:Cold-rolled steel sheet, strip and bars3317:Steel pipe and tubes6000:Banks6411:Insurance agents, brokers, and serviceTorysTSXVentureInvestment & Commodity Firms,Dealers,ExchangesCanadaInvestors, nec6799FFForeignPublicPNA.P1036118001Mnfr iron,steel prodCapital pool coCashOptionCommon Stock125748002Aug 23 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000Severstal Resources is an ironmining company, headquarteredin Russia. The company ownsand operates the mining assetsif OAO Severstal, whichincludes the Karelsky Okatysh,Olcon, Vorkutaugol and Stalmagcomplexes.Severstal Resources is an iron mining company, headquarteredin Russia. The company owns and operates the mining assetsif OAO Severstal, which includes the Karelsky Okatysh,Olcon, Vorkutaugol and Stalmag complexes.Severstal Resources is an iron mining company, headquartered in Russia. The company owns and operates the mining assets if OAO Severstal, which includes the Karelsky Okatysh, Olcon, Vorkutaugol and Stalmag complexes.1.000002.000003.000004.000005.000006.000007.000008.000009.00000Penfold Capital AcquisitionCorp, located in Pickering,Ontario, is a capital poolcompany that intends for anacquisition of PBS toconstitute its qualifyingtransaction defined in thepolicies of the TSX VentureExchange.Penfold Capital Acquisition Corp, located in Pickering,Ontario, is a capital pool company that intends for anacquisition of PBS to constitute its qualifying transactiondefined in the policies of the TSX Venture Exchange.Penfold Capital Acquisition Corp, located in Pickering, Ontario, is a capital pool company that intends for an acquisition of PBS to constitute its qualifying transaction defined in the policies of the TSX Venture Exchange.0.000000.000000.000003.58000YCanadian Dollar22 Aug 08Fri, 22 Aug 2008 00:00:00 ESTDate Announced: 08/22/2008Date Effective:MergerFriendly0.000000.000000.000000.000000.000008.30000Price/Share0.0000029.608 Canadian Dollar29.6080029.6080029.608 Canadian Dollar29.608000.000000.000007.951007.9510029.6080029.608 Canadian Dollar0.95800N15.106000.000000.000000.000000.000000.0000028.3630028.363000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.00000CANADA - Severstal Resources,a unit of OAO Severstal,planned to acquire all theoutstanding common stock ofPenfold Capital AcquisitionCorp (PC), a capital poolcompany, for 8.3 Canadiandollars (193.106 Russianrubles/$7.951 US) in cash pershare, or a total value ofC$29.608 mil (688.854 milrubles/$28.363 mil US). Thetransaction was subject tocustomary closing conditionsand regulatory approvals.Concurrently, PC signed aLetter of Intent {LoI} toacquire PBS Coals Corp.CANADA - Severstal Resources, a unit of OAO Severstal, planned to acquire all the outstanding common stock of Penfold Capital Acquisition Corp (PC), a capital pool company, for 8.3 Canadian dollars (193.106 Russian rubles/$7.951 US) in cash per share, or a total value of C$29.608 mil (688.854 mil rubles/$28.363 mil US). The transaction was subject to customary closing conditions and regulatory approvals. Concurrently, PC signed a Letter of Intent {LoI} to acquire PBS Coals Corp.CANADA - Severstal Resources, a unit of OAO Severstal, planned to acquire all theoutstanding common stock of Penfold Capital Acquisition Corp (PC), a capital pool company,for 8.3 Canadian dollars (193.106 Russian rubles/$7.951 US) in cash per share, or a totalvalue of C$29.608 mil (688.854 mil rubles/$28.363 mil US). The transaction was subject tocustomary closing conditions and regulatory approvals. Concurrently, PC signed a Letter ofIntent {LoI} to acquire PBS Coals Corp.CANADA - Severstal Resources, a unit of OAO Severstal, planned to acquire all the outstanding common stock of Penfold Capital Acquisition Corp (PC), a capital pool company, for 8.3 Canadian dollars(193.106 Russian rubles/$7.951 US) in cash per share, or a total value of C$29.608 mil (688.854 mil rubles/$28.363 mil US). The transaction was subject to customary closing conditions and regulatoryapprovals. Concurrently, PC signed a Letter of Intent {LoI} to acquire PBS Coals Corp.CANADA - Severstal Resources, a unit of OAO Severstal, planned to acquire all the outstanding common stock of Penfold Capital AcquisitionCorp (PC), a capital pool company, for 8.3 Canadian dollars (193.106 Russian rubles/$7.951 US) in cash per share, or a total value ofC$29.608 mil (688.854 mil rubles/$28.363 mil US). The transaction was subject to customary closing conditions and regulatory approvals.Concurrently, PC signed a Letter of Intent {LoI} to acquire PBS Coals Corp.$ 28.363 - RBC Capital Markets - Adv0.00000RBC Capital Markets1.00000Haywood Securities Ltd.1.00000$ 28.363 - Haywood Securities Ltd. - Adv0.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000006799:Investors, nec236742004Russian TSRussian Fed3312ForeignPublicCHMFG6799:Investors, nec125748002TSXVentureCanada6799ForeignPublicPNA.P28.3630029.6080028.3630015.10600Gowling Lafleur HendersonDeal InformationTF Mergers & AcquisitionsKAZAKHSTAN - OAOA SeverStal acquired the Balazhal Gold Mine, a gold mining site.8/13/2008 10:43:53 AM81846H05129W81846H05129WOAO SeverStalBalazhal Gold MineOAO SeverStalBalazhal Gold Minehttp://www.alacrastore.com/storecontent/Thomson_M%26A/OAO_SeverStal_acquires_Balazhal_Gold_Mine-2003660040sdc/20036600402003660040Copyright © 2008, Thomson Financial, All Rights ReservedRussian TSMetal and Metal ProductsRussian FedSteel works, blast furnaces, and rolling mills3312FFForeignPublicCHMFG3312:Steel works, blast furnaces, and rolling mills3316:Cold-rolled steel sheet, strip and bars3317:Steel pipe and tubes6000:Banks6411:Insurance agents, brokers, and service3312:Steel works, blast furnaces, and rolling mills3316:Cold-rolled steel sheet, strip and bars3317:Steel pipe and tubes6000:Banks6411:Insurance agents, brokers, and serviceMiningKazakhstanGold ores1041FFForeignPrivate236742004Mnfr iron,steel prodGold mining siteUnspecifiedAssets1034103001Aug 13 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000RR31 Dec 070.000002006.310000.0000015795.1100016668.37100Russian Rouble0.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.00000OAO SeverStal, located inCherepovets, Russia,manufactures metallurgicalproducts such as hot and coldrolled steel sheets,roll-formed shapes, steelpipes and tubes, rolledsections, high quality steel,cast iron, a large group ofcoke products and by-products.The Group also providesbanking and financialservices, including financialand operational leasing. Thecompany was founded in 1940.OAO SeverStal, located in Cherepovets, Russia, manufacturesmetallurgical products such as hot and cold rolled steelsheets, roll-formed shapes, steel pipes and tubes, rolledsections, high quality steel, cast iron, a large group ofcoke products and by-products. The Group also providesbanking and financial services, including financial andoperational leasing. The company was founded in 1940.OAO SeverStal, located in Cherepovets, Russia, manufactures metallurgical products such as hot and cold rolled steel sheets, roll-formed shapes, steel pipes and tubes, rolled sections, high quality steel, cast iron, a large group of coke products and by-products. The Group also provides banking and financial services, including financial and operational leasing. The company was founded in 1940.1.000002.000003.00000The Balazhal Gold Mine,located in East Kazakhstan, isa gold mining site.The Balazhal Gold Mine, located in East Kazakhstan, is agold mining site.The Balazhal Gold Mine, located in East Kazakhstan, is a gold mining site.0.000000.000000.000000.00000Y12 Aug 08Tue, 12 Aug 2008 00:00:00 ESTDate Announced: 08/12/200812 Aug 08Date Effective: 08/12/200812 Aug 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.00000KAZAKHSTAN - OAOA SeverStalacquired the Balazhal GoldMine, a gold mining site.KAZAKHSTAN - OAOA SeverStal acquired the Balazhal Gold Mine, a gold mining site.KAZAKHSTAN - OAOA SeverStal acquired the Balazhal Gold Mine, a gold mining site.KAZAKHSTAN - OAOA SeverStal acquired the Balazhal Gold Mine, a gold mining site.KAZAKHSTAN - OAOA SeverStal acquired the Balazhal Gold Mine, a gold mining site.Completed250876.5870049285.39300388009.96800409461.791000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001041:Gold ores236742004Russian TSRussian Fed3312ForeignPublicCHMFG1041:Gold ores1034103001Kazakhstan1041ForeignPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/427778_pr_framefitch/427778_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Severstal809758577/31/2008 10:19:00 AM010000000103000001031200010312020107000085Press ReleaseCHMF427778_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/394378_report_framefitch/394378_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Severstal809758577/25/2008 10:15:00 AM0100000001030000010312000103120201070000165Credit UpdateCHMF394378_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/659931spcred/659931normThe latest Full Report from S&Pglobal7/16/2008 3:27:40 PM400Full Report659931RussiaSteelEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsMetals & MiningFull ReportLeading position as the largest Russia-based steel producer, where market conditions are healthy High degree of raw materials integration, mitigating intense cost pressures Improving geographic diversification Financial flexibility to pay for acquisitions Significant capital expenditure plans Lower margins than domestic peers, due to geographic mix Rising debt to finance acquisitions Cyclical, capital-intensive, competitive steel industry Country risks in the Russian Federation The ratings on OAO Severstal reflect its position as the largest Russia-based steel producer in a cyclical, capital-intensive, and competitive industry; substantial capital expenditure plans; and country risks in The Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2), where the company's principal cash-generating operations are located.. The ratings are supported by a leading domestic market position; high vertical integrationRUS15104050 151040 1510 15OAO Severstal375402EMERGINGEUROMIDAFRFULLGLOBISSCORPMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/659932spcred/659932normThe latest Summary from S&Pglobal7/16/2008 3:27:40 PM175Summary659932RussiaSteelEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsMetals & MiningSummaryThe ratings on OAO Severstal reflect its position as the largest Russia-based steel producer in a cyclical, capital-intensive, and competitive industry; substantial capital expenditure plans; and country risks in The Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2), where the company's principal cash-generating operations are located.. The ratings are supported by a leading domestic market position; high vertical integration into own raw materials; and improving diversification. The company has healthy cash flow and moderate leverage, with good financial flexibility and liquidity. Spending on acquisitions has significantly increased in recent months and Severstal has large capital expenditure plans for the coming years. Nevertheless, Standard&Poor's Ratings Services regards the company's financial policy and pro forma leverage as moderate, indicating theRUS15104050 151040 1510 15OAO Severstal375402EMERGINGEUROMIDAFRSUMMARYGLOBISSCORPMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/391364_report_framefitch/391364_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Adhunik Metaliks LimitedAngang Steel Co LtdArcelorMittal SABaoshan Iron & Steel Company LtdBhushan Power & Steel LimitedBhushan Steel LtdBlueScope Steel LimitedCAP S.A.Companhia Siderurgica Nacional (CSN)Companhia Vale do Rio DoceEvraz Group S.A.Gontermann Peipers India LtdGrupo IMSA S.A.B. de C.V.Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.Industrial Union of Donbass CorporationInterpipe LimitedJFE Holdings, Inc.Kobe Steel, Ltd.Magnitogorsk Iron & Steel WorksMaharashtra Seamless LimitedMahindra Ugine Steel Company, Ltd.Metalurgica Gerdau S.A.Nippon Steel CorporationNovolipetsk Iron & Steel CorporationPOSCORaspadskaya OJSCSamarco Mineracao S.A.SeverstalSiderar S.A.I.C.Siderurgica del Turbio S.A.Steel Authority of India Ltd. (SAIL)Sumitomo Metal Industries, Ltd.Tata Steel Ltd.Tata Steel UK LimitedThyssenKrupp AGUnited States Steel Corporation (U.S. Steel)Usinas Siderurgicas De Minas Gerais S.A. (USIMINAS)Uttam Galva Steels LtdWuhan Iron & Steel Co800897798008995980090452800905708009176780360754803609358036099080361256803623378036233880362339804171798048437780725182808678318097585781818076820279468203383482237464822736878233029582395113826028748307132583071328830879258345646484602669847420708538807385714875857842738580967385883873866779238681454686818745868305487/1/2008 10:19:10 AM010000000101000001030000010312000103120201031500010322000104000001070000275Special Report00089805490500055500113500265500470504701504823513216532727540154055406541154140600019BSLCAPCHMFCSNA3ERARGOAU3MAGNNLMKRASPTKAUSIM3VALE3X391364_report_frameCredit & Investment ResearchFitch ResearchUS - OAO SeverStal of Russia was rumored to be planning to acquire Bluestone Coal Corp, a coal mining company.6/28/2008 9:20:20 AM81846H09615Z81846H09615ZOAO SeverStalBluestone Coal CorpOAO SeverStalBluestone Coal Corphttp://www.alacrastore.com/storecontent/Thomson_M%26A/OAO_SeverStal_is_rumored_to_be_planning_to_acquire_Bluestone_Coal_Corp-1991037020sdc/19910370201991037020Copyright © 2008, Thomson Financial, All Rights ReservedRussian TSMetal and Metal ProductsRussian FedSteel works, blast furnaces, and rolling mills3312FFForeignPublicCHMFG3312:Steel works, blast furnaces, and rolling mills3316:Cold-rolled steel sheet, strip and bars3317:Steel pipe and tubes6000:Banks6411:Insurance agents, brokers, and service3312:Steel works, blast furnaces, and rolling mills3316:Cold-rolled steel sheet, strip and bars3317:Steel pipe and tubes6000:Banks6411:Insurance agents, brokers, and serviceMiningUnited StatesBituminous coal and lignite surface mining1221WVWest VirginiaPrivate236742004Mnfr iron,steel prodCoal mining coNot ApplicableAssets491149001Jun 28 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.00000OAO SeverStal, located inCherepovets, Russia,manufactures metallurgicalproducts such as hot and coldrolled steel sheets,roll-formed shapes, steelpipes and tubes, rolledsections, high quality steel,cast iron, a large group ofcoke products and by-products.The Group also providesbanking and financialservices, including financialand operational leasing. Thecompany was founded in 1940.OAO SeverStal, located in Cherepovets, Russia, manufacturesmetallurgical products such as hot and cold rolled steelsheets, roll-formed shapes, steel pipes and tubes, rolledsections, high quality steel, cast iron, a large group ofcoke products and by-products. The Group also providesbanking and financial services, including financial andoperational leasing. The company was founded in 1940.OAO SeverStal, located in Cherepovets, Russia, manufactures metallurgical products such as hot and cold rolled steel sheets, roll-formed shapes, steel pipes and tubes, rolled sections, high quality steel, cast iron, a large group of coke products and by-products. The Group also provides banking and financial services, including financial and operational leasing. The company was founded in 1940.1.000002.000003.00000Bluestone Coal Corp, locatedin Keystone, West Virginia, isa coal mining company.Bluestone Coal Corp, located in Keystone, West Virginia, isa coal mining company.Bluestone Coal Corp, located in Keystone, West Virginia, is a coal mining company.0.000000.000000.000000.00000Y26 Jun 08Thu, 26 Jun 2008 00:00:00 ESTDate Announced: 06/26/2008Date Effective:Acq. of AssetsNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.00000US - OAO SeverStal of Russiawas rumored to be planning toacquire Bluestone Coal Corp, acoal mining company.US - OAO SeverStal of Russia was rumored to be planning to acquire Bluestone Coal Corp, a coal mining company.US - OAO SeverStal of Russia was rumored to be planning to acquire Bluestone Coal Corp, acoal mining company.US - OAO SeverStal of Russia was rumored to be planning to acquire Bluestone Coal Corp, a coal mining company.US - OAO SeverStal of Russia was rumored to be planning to acquire Bluestone Coal Corp, a coal mining company.Rumor0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Rumor-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001221:Bituminous coal and lignite surface mining236742004Russian TSRussian Fed3312ForeignPublicCHMFG1221:Bituminous coal and lignite surface mining491149001United States1221West VirginiaPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/424830_pr_framefitch/424830_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Severstal809758576/27/2008 10:18:00 AM010000000103000001031200010312020107000085Press ReleaseCHMF424830_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/424641_pr_framefitch/424641_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Angang Steel Co LtdArcelorMittal SABaoshan Iron & Steel Company LtdBlueScope Steel LimitedCAP S.A.Companhia Siderurgica Nacional (CSN)Companhia Vale do Rio DoceEvraz Group S.A.Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.Industrial Union of Donbass CorporationInterpipe LimitedJFE Holdings, Inc.Kobe Steel, Ltd.Magnitogorsk Iron & Steel WorksMetalurgica Gerdau S.A.Nippon Steel CorporationNovolipetsk Iron & Steel CorporationPOSCORaspadskaya OJSCRio Tinto LimitedRio Tinto plcSamarco Mineracao S.A.SeverstalSiderurgica del Turbio S.A.Sumitomo Metal Industries, Ltd.Tata Steel Ltd.Tata Steel UK LimitedThyssenKrupp AGUnited States Steel Corporation (U.S. Steel)Usinas Siderurgicas De Minas Gerais S.A. (USIMINAS)Wuhan Iron & Steel Co800899598009045280090570800917678036075480360935803612568036233780362338803623398048437780725182808678318097585781818076822736878233029582330514823305238239511382602874830713258307132883087925846026698474207085388073857148758578427385809673858838736/25/2008 10:19:00 AM0100000001030000010312000103120201031500010400000107000085Press Release00089805490500470540154055406541154140600019BSLCAPCHMFCSNA3GOAU3MAGNNLMKRASPRIOTKAUSIM3VALE3X424641_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/655802spcred/655802normThe latest News from S&Pglobal6/24/2008 1:26:25 PM100News655802RussiaSteelEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsMetals & MiningNewsLONDON (Standard&Poor's) June 24, 2008--Standard&Poor's Ratings Services said today it revised its outlook on Russia-based steel producer OAO Severstal to positive from stable. This reflects the company's improving business risk profile and moderate leverage, despite higher spending on acquisitions and capital expenditures. At the same time, we affirmed the 'BB' long-term corporate credit and senior unsecured debt ratings and the 'ruAA' Russia national scale rating. Furthermore, we assigned a 'BB' senior unsecured debt rating to the proposed issue of U.S. dollar loan participation notes by an orphan special-purpose financing vehicle, Steel Capital S.A. The rating is subject to final documentation. "The outlook revision reflects continued strong steel market conditions, especially in Russia; improving diversity of operations;RUS15104050 151040 1510 15OAO Severstal375402EMERGINGEUROMIDAFRNEWSGLOBISSCORPMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655803spcred/655803normThe latest Research Update from S&Pglobal6/24/2008 1:26:00 PM175Research Update655803RussiaSteelEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsMetals & MiningResearch UpdateOn June 24, 2008, Standard&Poor's Ratings Services revised its outlook on Russia-based steel producer OAO Severstal to positive from stable. This reflects the company's improving business risk profile and moderate leverage, despite higher spending on acquisitions and capital expenditures. At the same time, we affirmed the 'BB' long-term corporate credit and senior unsecured debt ratings and the 'ruAA' Russia national scale rating. Furthermore, we assigned a 'BB' senior unsecured debt rating to the proposed issue of U.S. dollar loan participation notes by an orphan special-purpose financing vehicle, Steel Capital S.A. The rating is subject to final documentation. The outlook revision reflects continued strong steel market conditions, especially in Russia; improving diversity of operations; continued high raw materials integration;RUS15104050 151040 1510 15OAO Severstal375402EMERGINGEUROMIDAFRRESUPDLUXSteel Capital S.A.450319EUROMIDAFREMERGINGGLOBISSCORPMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/424524_pr_framefitch/424524_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Citibank N.A.Severstal80089236809758576/24/2008 10:15:00 AM01000000010101000103000001031200010312020107000085Press ReleaseCHMF424524_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_157854_600045105moodys/PR_157854_600045105htmlGlobal Credit Research Rating Action ## JUN #### Rating Action: Severstal OAO Moody's affirms current ratings of Severstal (CFR at Ba#), assigns provisional (P) Ba# rating to its proposed Notes with a stable outlook. Moscow, June ##,...6/24/2008 12:33:13 AMhtmlSeverstal OAOSeverstal OAO600045105150.0000NewsRating ActionPR_157854_600045105Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/424330_pr_framefitch/424330_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Severstal809758576/20/2008 10:15:00 AM010000000103000001031200010312020107000085Press ReleaseCHMF424330_pr_frameCredit & Investment ResearchFitch Research