Severstal North America and SeverCorr Announce New CFO
03/05/2008 - Severstal North America and SeverCorr announce the appointment of Mark J. Yost as Chief Financial Officer.
Severstal North America, Inc. and SeverCorr announced the appointment of Mark J. Yost as Chief Financial Officer.
In his new position, Yost will be responsible for the financial management of both of OAO Severstal’s U.S.-based divisions. He will report to Ron Nock, President and CEO of Severstal North America, and Jim Hrusovsky, CEO of SeverCorr.
“Mark brings to the CFO role twelve years of financial experience in the steel industry and at our company, having served in key accountancy and financial analysis roles with us both before and after the 2004 purchase of [the former] Rouge Steel Co. by Severstal,” said Severstal North America CEO Ron Nock. “His long tenure here has equipped him with the relevant skills and knowledge to ensure a seamless transition and continuity. Mark’s analytical skills, ability to effectively work with people, and present difficult issues in an accessible manner for resolution have been a great asset to the company.”
Yost has served the company (and the predecessor organization, Rouge Steel) since 1995, holding a series of increasingly responsible financial positions including Auditor; Accountant; Financial Analyst; Manager of Profit Analysis, Budgeting and Treasury; and Manager of Profit Analysis and Business Planning, his most recent position. Prior to this announcement, he had also been moved to a developmental assignment in Severstal North America’s Purchasing office. Born in 1972, he graduated from University of Michigan in 1995.
“As SeverCorr successfully ramps up Phase 1 operations and looks toward continued growth into Phase 2,” said SeverCorr CEO Jim Hrusovsky, “we're excited to have someone with Mark's strong business sense and industry expertise to ensure that we remain financially robust, profitable, and deliver real benefits to the Golden Triangle and the region on the whole.”
Yost replaces Sergei Kuznetsov, who was appointed Chief Financial Officer of OAO Severstal in Moscow. Kuznetsov will assist Yost though mid-May when he will assume his new role at OAO Severstal.
Severstal North America (SNA) ranks as the fourth-largest integrated steel company in the United States with its manufacturing facilities and corporate headquarters located in Dearborn, Mich. SNA produces high-quality flat-rolled carbon steel products—hot rolled, cold rolled, electrogalvanized, and hot-dip galvanized—for customers in the automotive industry and in the converter, service center and other related markets. SNA has earned TS 16949, OHSAS 18001 and ISO 14001 certifications, the international standards for quality, health and safety and environmental management systems, respectively. SNA is a wholly-owned subsidiary of OAO Severstal.
SeverCorr is a unique mill that produces high-quality steel using an EAF-based steelmaking process combined with an integrated-style finishing plant. SeverCorr complements Severstal’s other U.S. business, SNA.
Incorporated in 1993, OAO Severstal 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—one of Russia's largest steelmakers and one of the top fifteen integrated steel manufacturers in the world—owns mining assets in Russia, thus securing its supplies of raw materials. In 2006 Severstal produced 17.6 million tonnes of steel and had revenues of $12.4 billion, PBT of $1.8 billion and EPS of $1.27. OAO Severstal purchased the assets of Rouge Steel Co. in 2004 and renamed them Severstal North America.
