Severstal completed restructuring of its non-core businesses by distributing dividends to its shareholders in form of shares of Severstal-Avto and Severstal-Resurs. In compliance with the decision of the Annual shareholders' meeting of June of 2002, each share of Severstal was awarded a share of Severstal-Resurs and a share of Severstal-Avto.

Severstal-Avto and Severstal-Resurs were registered in March of this year as part of restructuring of Severstal's assets. These two entities are the managing companies of the automotive and raw materials divisions of the Severstal-group.

Severstal-Avto has a majority holding in UAZ (Uliyanovsk Automotive Plant) and ZMZ (Zavolzhye Engine-making Plant). The total number of shares of Severstal-Avto is 22,074,192 at 12.5 rubles per share.

Assets of Severstal-Resurs are formed with shares in Olkon, Karelsky Okatysh, Kuzbassugol, Severny Nioby and Stalmag companies. Severstal-Resurs stock capital is divided into 22, 074, 192 shares, at 19.5 rubles per share.

The list of shareholders who can take part in the meeting and receive dividends is made as of May 6, 2002. Severstal 's total number of shares totals 22, 074, 192. It's authorized stock capital totals 5,518,548 rubles.