Severstal Extends Tender Offer for Shares of Esmark Incorporated

Severstal Extends Tender Offer for Shares of Esmark Incorporated

OAO Severstal, one of the world’s leading metals and mining companies, announced that it has extended the expiration date for its tender offer to purchase all outstanding shares of Esmark Incorporated (Nasdaq: ESMK; “Esmark”), at an offer price of $19.25 per share, to 10:00 a.m., Eastern Daylight Time, on Monday, August 4, 2008.

The tender offer has been extended to allow for the expiration of the review period by the Committee on Foreign Investment in the United States (CFIUS) under the Exon-Florio Amendment to the Defense Production Act of 1950, as amended. The CFIUS review period is expected to expire at 11:59 p.m., Eastern Daylight Time, on Friday, August 1, 2008.

As of the close of business on July 18, 2008, a total of 34,366,906 shares of common stock of Esmark, which represents approximately 86.98% of the outstanding Esmark shares, have been tendered and not withdrawn pursuant to the tender offer.

Merrill Lynch is the Dealer Manager and Citibank, N.A. is the Depositary for the tender offer. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Severstal. Questions and requests for documentation in connection with the tender offer may be directed to MacKenzie Partners, Inc., the Information Agent for the tender offer, at (800) 322.2885 (toll-free) or (212) 929.5500 (collect).

About Severstal:

OAO Severstal is an international metals and mining company with a listing on the Russian Trading System, the Moscow Interbank Currency Exchange and the London Stock Exchange. Incorporated in 1993, the company focuses on high value added and unique niche products and has a successful track record of acquiring and integrating high-quality assets in North America and Europe. Severstal owns mining assets in Russia, thus securing its supplies of raw materials. In 2007, Severstal produced 17.5 million tons of steel. Revenues were $15.2 billion and EBITDA was $3.7 billion. EPS was $1.92.

About Severstal International:

Severstal International is an operating division of OAO Severstal comprising North American and European segments.

For further information:

Severstal Dmitry Druzhinin, Investor Relations Olga Antonova, Public Relations

+7 495 540 7766

Taylor Rafferty

Michael Henson +1 212 889 4350 (o)

+1 917 902 0767 (m)

John Dudzinsky +1 212 889 4350 (o)

+1 646 715 2980 (m)

Source: Severstal

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