Severstal Buyback Strong

June 26, 2012

Severstal said Monday that it had seen strong demand for its plan to buy back 170 million shares following a mining asset spin-off.

The company announced the buyback at 390 rubles ($11.80) per share earlier this year to cancel stock following the separation of its Nord Gold mining asset.

Severstal said Monday that it had received applications to take part in the buyback equivalent to over 800 million shares. As a result, it said it would purchase stock in a ratio of 0.196 for every share offered as part of the scheme. The buyback, worth about $2 billion, is taking place because Severstal's Lybica Holding obtained 193 million Severstal treasury shares as part of the Nord Gold spin-off, and the steelmaker wants to cancel 170 million of those shares.

(Reuters)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue