OREANDA-NEWS. July 6, 2011. SOGAZ Insurance Group has renewed its corporate program for the insurance of the main production assets of Russian companies and reinsurance of Ukrainian companies belonging to the EVRAZ Group, one of the world's largest vertically integrated steel companies. This program is one of the largest in SOGAZ's portfolio. Its aggregate coverage is USD 29.5 billion.

According to the terms of the program, SOGAZ provided insurance coverage for the production assets of the main EVRAZ companies, including the Novokuznetsk Steel Works, the West Siberian Steel Works, EVRAZ NTMK, EVRAZ KGOK, Evrazruda, EVRAZ VGOK, etc. The assets of these companies are insured against property risks, including plant and machinery breakdown, as well as against the risks of industrial process violations. Insurance is to be paid at replacement value determined by a professional appraiser and also includes the risks associated with major suppliers, as well as property risks in the mines.

The terms of insurance proposed by SOGAZ are fully consistent with the parameters and requirements of corporate insurance programs, designed by EVRAZ and insurance broker Willis CIS. The program meets international insurance standards and in terms of coverage and liability limits it is the best one in Russia.

The corporate program of property insurance of EVRAZ companies was for the first time signed with SOGAZ in the end of 2007 and since then it has been renewed for the fourth time.

EVRAZ Group S.A. (EVRAZ) is one of the largest vertically integrated steel and mining companies with assets in the Russian Federation, Ukraine, the United States, Canada, the Czech Republic, Italy and South Africa. In 2010, it produced 16.3 million tons of steel, its sales volume of steel products reached 15.5 million tons. Its mining segment largely covers the needs of the company in iron ore and coking coal. Consolidated revenues of EVRAZ in 2010 were USD 13,394 million, consolidated adjusted EBITDA was USD 2,350 million.