SteelCorr and Severstal Group Create Joint Venture

The new company, to be called SeverCorr, will construct and operate the world's newest state-of-the-art steel mill in Lowndes County, Mississippi.

Columbus, MS (PRWEB) October 4, 2005 – Steel industry veteran John Correnti and Severstal Group announced today their newly formed company, SeverCorr LLC, which will construct and operate the world's newest state-of-the-art steel mill in Lowndes County, Mississippi. The steel mill is designed to produce 1.5 million tons of high quality flat-rolled steel products for the southern United States steel market.

"We are pleased to partner with such an experienced group of industry leaders and look forward to launching the most efficient steel making operations in the United States meeting the highest quality standards for commercial and automotive applications," said Severstal Group executive Gregory Mason.    

SeverCorrs management team will be led by John Correnti and other experienced industry executives, recognized for their ability to engineer, construct and manage these types of steel operations. Severstal, which is providing most of the equity for the project is a major global steel producer with worldwide operations.

In announcing the formation of the partnership, John Correnti commented that the decision to locate the steel mill in Lowndes County, Mississippi, was driven by the sites proximity to the growing number of automotive producers located in the southern United States, access to low cost and reliable electric power from the TVA and the business-friendly environment in Mississippi.

"This is the next generation of steel production," Correnti said. We are very excited to have a partner with a complementary business philosophy that includes aggressive growth, customer-focus and a return on investment for stakeholders."

SeverCorr expects to produce hot-rolled, cold-rolled and coated steel products by third quarter 2007. Approximately 2,000 construction-related jobs will be created during the next 24 months and nearly 450 people will be employed when the production facilities are fully operational.

For further information contact:

Lada Astikas
Severstal Group
Phone: +7 (095) 5407766    
Cell: +7 (095) 130 7662
Moscow, Russia

Niani Colom
Soul Fleur Communications
Phone: 662-328-0488
Columbus, Mississippi

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