OREANDA-NEWS. OAO Severstal (“Severstal”) today announces the price range for the Global offering ("the offering”) and Global Depositary Receipts (“GDRs”) representing interests in its shares. The indicative price range has been set at US$11 to US$13.5 per share and GDR.
 
Reuter reported that the seller will use the majority of the proceeds of this offering to subscribe for shares in the Company's Capital Increase. Severstal intends to use the proceeds of the Capital Increase to continue improving the quality of its production facilities and improve operating efficiencies throughout its global operating platform, and to take advantage of potential opportunities to expand its core business in line with its corporate strategy, including the funding of potential acquisitions of assets and participation in joint ventures.

Citigroup, Deutsche Bank and UBS Investment Bank are joint global coordinators and joint book runners for the Global Offering.