Acquisition of Esmark Incorporated is completed by Severstal

The world’s leading metals and mining company Severstal declared that the acquisition of Esmark Incorporated is accomplished. Esmark Incorporated is a producer and dispenser of flat rolled and other steel products. In accordance with the amalgamation of Severstal Wheeling Acquisition Corp – a wholly-owned subsidiary of Severstal, with and into Esmark this acquisition is completed. Esmark, has been renamed “Severstal Wheeling Holding Company” and became a wholly-owned subsidiary of Severstal.

Severstal’s tender offer for all outstanding shares of Esmark represented around 94.17% of the outstanding shares of common stock of Esmark. Pursuant to the short-form amalgamation procedure provided under Delaware law Severstal effected a merger to accomplish the acquisition of Esmark exclusive of a vote or meeting of Esmark stockholders consequent to the expiration of the offering period. Esmark’s common stock will come to an end to be dealt on the NASDAQ Global Select Market as the effect of this merger. A total equity value of the acquisition is roughly $775 million and on the bases of present projections of costs and prices it is anticipated to be accretive in 2009.