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OMZ

May 28, 2003

OMZ signs an agreement to sell its metallurgical equipment business to Severstalmash

The Severstalmash group of companies (the machine-building division of Severstal-Group) signed an agreement to acquire the metallurgical equipment business from OMZ (United Heavy Machinery).According to the agreementSeverstalmash will make use of the sales organization and the engineering expertise of OMZ’s metallurgical equipment segmentOMZ Metallurgical Equipment and Technologies (MO&T).Severstalmash will also acquire the right to use the corresponding trademarks («Uralmash – Metallurgical Equipment»).Financial details of the sale are currently not disclosed.

The sale of the metallurgical business is part of the ongoing restructuring at OMZ and the effort of the company to streamline its operations and to focus on fewer high growth businesses.

As part of the deal OMZ will retain all of its manufacturing facilities and Severstalmash is expected to place its orders for metallurgical equipment as well as spare parts at those facilities.

 

OMZ MO&T is a leader in the engineering of metallurgical equipment in Russia. The company is working on designing, manufacturing and modernizing equipment for several metallurgical plants in Russia and abroad, including continuous casting machines, sintering and induration equipment, hot and cold rolling complexes and press-forging equipment. About 300 highly qualified engineers, sales personnel and management are employed at OMZ MO&T. Sales of OMZ MO&T exceeded $30 million in 2002 (this number does not take into account sales of hot and cold rolls as this business will remain with OMZ)

 

About OMZ

OMZ is Russia’s largest publicly traded engineering and heavy machinery corporation. The company is involved in engineering, production, sales and services of knowledge-intensive equipment and machinery for the oil and gas drilling industry, nuclear power plant and mining industries as well as shipbuilding and specialty steels.

 

OMZ’s total sales reached $398 million in 2002 (according to Russian accounting standards), which represents a 13% increase over 2001. The order book amounts to $1,004 million as of May 2003. The company exports its products to more than 30 countries. International sales reached $131 million in 2002.

OMZ’s shares are listed on MICEX and RTS (ticker OMZZ) and its Level 1 ADR program is serviced by the Bank of New York.

For more information about OMZ please visit www.omzglobal.com or contact Marina Nacheva at (++7095) 974 6021, email: mnacheva@omz.ru.

 

 

 

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