Alexey Mordashov joins discussion of Cherepovets development for period till 2022

24 February 2012, Moscow – The Cherepovets Community Council, with the participation of Oleg Kuvshinnikov, Governor of Vologda Region, and Alexey Mordashov, Chief Executive Officer of OAO Severstal, has reviewed a presentation on the town's development for the period till 2022.

The concept of "Cherepovets: From an Industrial Center to a Modern Developed Town" is largely focused on developing the town's economy.

The selected priority areas include, but are not limited to:

improvement of major operations and their manufacture of high added-value products;
industrial diversification;
development of small and medium businesses as a new economic driver;
development of the innovative sector.

In addition, the key provisions of the new plan include improvement of the town's infrastructure and ramping up the development of the citizens’ potentialities.

As he commented on the plans presented, Alexey Mordashov noted: "The world is changing so fast that placing your bets on the development of any particular new industrial sectors is quite a challenge. That is why Cherepovets should pay more attention to its business climate and creating beneficial conditions for developing newer businesses, especially in the innovative sector".

The concept is now freely available on the town's website. It is expected that the refined concept will be presented to general public and will have been approved by the end of 2012.

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ОАО Severstal is one of the world’s leading vertically integrated steel and steel related mining companies, with assets in Russia, the USA, the Ukraine, Latvia, Poland, Italy, Liberia and Brazil. Severstal is listed on MICEX-RTS and the company’s GDRs are traded on the LSE. Severstal reported revenue of $13,573 million and EBITDA of $3,263 million in 2010. Severstal’s crude steel production in 2011 was 15.3 million tonnes.