Annual Report 2007 - Severstal
Annual Report 2007 - Severstal
Annual Report 2007 - Severstal
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Financial statements<br />
OAO <strong>Severstal</strong> and subsidiaries<br />
Notes to the consolidated financial statements<br />
for the year ended December 31, <strong>2007</strong><br />
(Amounts expressed in thousands of US dollars, except as otherwise stated)<br />
28. Subsidiaries, associates and joint ventures<br />
The following is a list of the Group’s significant subsidiaries, associates and joint ventures and the effective ownership holdings therein:<br />
December 31,<br />
Company <strong>2007</strong> 2006 2005 Location Activity<br />
Russian Steel segment:<br />
Subsidiaries:<br />
ZAO Severgal 100.0% 75.0% 75.0% Russia Hot dip galvanizing<br />
ZAO <strong>Severstal</strong> SMZ-Kolpino 100.0% n/a n/a Russia Steel constructions<br />
ZAO <strong>Severstal</strong> TPZ-Sheksna 100.0% n/a n/a Russia Steel constructions<br />
ZAO <strong>Severstal</strong> Steel Solutions 100.0% n/a n/a Russia Steel constructions<br />
OOO SSM-Tyazhmash 100.0% 100.0% 100.0% Russia Repairs&construction<br />
OAO Domnaremont 82.7% 82.1% 56.4% Russia Repairs&construction<br />
ZAO Firma Stoik 100.0% 100.0% 100.0% Russia Repairs&construction<br />
OAO Metallurgremont 79.8% 79.8% 79.3% Russia Repairs&construction<br />
OOO Energoremont 100.0% 100.0% 100.0% Russia Repairs&construction<br />
OOO Electroremont 93.3% 93.3% 93.3% Russia Repairs&construction<br />
Victory Industries, Inc 100.0% 100.0% n/a USA Repairs&construction<br />
OOO Uralmash MO n/a 100.0% 100.0% Russia Engineering<br />
OOO AviaCompany <strong>Severstal</strong> 100.0% 100.0% 100.0% Russia Air transport<br />
<strong>Severstal</strong> Export GmbH 100.0% 100.0% 100.0% Switzerland* Steel sales<br />
AS <strong>Severstal</strong>lat 50.5% 50.5% 50.5% Latvia* Steel sales<br />
Latvijas Metals 50.5% 50.5% 50.5% Latvia* Steel sales<br />
ZAO SeverStalBel 80.6% n/a n/a Belarus* Steel sales<br />
<strong>Severstal</strong>-Ukraine LLC. 51.0% n/a n/a Ukraine* Steel sales<br />
Armaturu Servisa Centrs SIA 25.2% 25.2% 25.2% Latvia* Steel service center<br />
ZAO Neva-Metall Trans 100.0% n/a n/a Russia Shipping operations<br />
ZAO Neva-Metall 100.0% n/a n/a Russia Shipping operations<br />
Upcroft Limited 100.0% 100.0% 100.0% Cyprus* Holding company***<br />
Varndell Limited 100.0% 100.0% 100.0% Cyprus* Holding company***<br />
Associates:<br />
<strong>Severstal</strong> US Holdings LLC** 85.0% 63.3% 60.0% USA* Holding company<br />
<strong>Severstal</strong> North America segment:<br />
Subsidiaries:<br />
<strong>Severstal</strong> North America Inc 100.0% 100.0% 93.0% USA Iron & steel mill<br />
Associates:<br />
Delaco Processing LLC 49.0% 49.0% 45.6% USA Steel slitting<br />
Joint ventures:<br />
Spartan Steel Coating LLC 48.0% 48.0% 44.6% USA Hot dip galvanizing<br />
Double Eagle Steel Coating company 50.0% 50.0% 46.5% USA Electro-galvanizing<br />
Mountain State Carbon LLC 50.0% 50.0% 31.0% USA Coking coal<br />
*Russian Steel segment contains Russian production entities, foreign trading companies, which are selling products primarily produced in Russia, and other foreign companies,<br />
which either provide services to Russian production entities or are managed from Russia.<br />
**20.1% of ordinary shares at December 31, <strong>2007</strong> (December 31, 2006: 20.2%; December 31, 2005: 19.9%).<br />
***Upcroft is holding 29.0% of Lucchini SpA and Varndell is holding 50.8% of Lucchini SpA.<br />
98 <strong>Severstal</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2007</strong>