Severstal adopts company-wide Anti-Corruption Policy

Severstal, one of the world’s leading steel and steel-related mining companies, has adopted a company-wide Anti-Corruption Policy (“the policy”). The policy, signed by Alexei Mordashov, Severstal’s Chief Executive Officer, is aimed at ensuring that all of Severstal’s business activities strictly comply with Russian and international anti-corruption laws.

The policy is part of a comprehensive anti-corruption program implemented by Severstal, which includes the company’s Employee Behavior Standard and its Business Partnership Code. The policy details Severstal’s measures for counteracting corruption, including regulating activities with a high level of corruption risk including: interaction with counterparts and partners; acquisition of Company shares; establishing joint ventures; mergers and acquisitions; sponsorship and donations; and reward and expenses. The policy also outlines a number of new procedures that will be put in place by 2013 including a new training and indoctrination program for employees. Severstal’s Internal Audit and Risk Management Department will coordinate the implementation of the policy.

Nikolai Lavrov, Head of Severstal’s Internal Audit and Risk Management Department, commented: “The policy details Severstal’s strategy for counteracting corruption, especially focusing on high-risk areas where there could be conflicting interests. The adoption of this [new] [company-wide] policy represents another significant step for Severstal and demonstrates the company’s highest commitment towards ensuring that it acts according to the anti-corruption laws of all of the countries in which it operates.”