Jan. 15, 2007 — Evraz Group SA announced that the cash tender offer to purchase outstanding shares of Oregon Steel Mills common stock (including the associated preferred stock purchase rights) has been successfully completed. The offer was carried out by Evraz wholly owned subsidiary Oscar Acquisition Merger Sub, Inc.

Evraz and Oscar Acquisition Merger Sub, Inc. have been advised by Mellon Investor Services LLC, the depositary for the tender offer, that as of the expiration of the offer on January 12, 2007, Oregon Steel stockholders had tendered into the tender offer 32,784,081 shares of Oregon Steel common stock, including 2,012,151 shares of common stock delivered pursuant to notices of guaranteed delivery, representing approximately 91.5% of the outstanding shares of Oregon Steel common stock. Evraz has accepted for payment all shares of Oregon Steel common stock that were validly tendered during the offer period.

In accordance with the previously announced merger agreement, Evraz now intends to bring about a short-form merger. Pursuant to the merger agreement, each share of Oregon Steel common stock not accepted for payment in the tender offer (other than those as to which holders exercise dissenters' rights and those held by Evraz or Oregon Steel or their respective subsidiaries) will be converted in the merger into the right to receive
$63.25 in cash, without interest and less any required withholding taxes. This is the same price-per-share paid during the tender offer. Evraz intends to complete the short-form merger in the next several days.

Evraz Group SA is one of the largest vertically-integrated steel and mining businesses with operations mainly in Russia. Principal assets include three of the leading steel plants in Russia: Nizhny Tagil (NTMK) in the Urals region and West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia, as well as Palini e Bertoli in Italy and Vitkovice Steel in the Czech Republic. Evraz Group’s fast-growing mining businesses comprise Evrazruda, the Kachkanarsky (KGOK) and Vysokogorsky (VGOK) iron ore mining complexes and Neryungriugol coal company and equity interests in the Raspadskaya and Yuzhkuzbassugol coal mines. The mining assets enable Evraz Group to be a vertically integrated steel producer. In 2005, Evraz Group produced 13.9 million tonnes of crude steel.

Evraz Group also owns and operates the Nakhodka commercial sea port, in the Far East of Russia, which facilitates its access to Asian export markets. Evraz vanadium operations comprise Strategic Minerals Corp., USA, and a 24.9% equity interest in Highveld Steel and Vanadium Corp., South Africa.