OREANDA-NEWS. February 14, 2008. Severstal, an international mining and steel company, announces that Centroferve Limited, a wholly owned subsidiary of Severstal, has completed the acquisition of gold miner Celtic Resources Holdings plc (“Celtic”). As at 30 January 2008, when its Offer for Celtic closed, and upon completion of the compulsory acquisition procedure Centroferve had acquired 100% of the issued share capital of Celtic.  Celtic’s shares were delisted from AIM on 22 January 2008.

The revised offer of Severstal of 290 pence per share valued Celtic at 173 million pounds. As a result of earlier acquisitions of Celtic shares at lower price levels, the total acquisition price paid by Severstal was 162 million pounds.