Annual report and accounts 2012

Subsequent events

OAO Severstal and Subsidiaries
Notes to the Consolidated Financial Statements
32. Subsequent events

for the years ended December 31, 2012, 2011 and 2010
(Amounts expressed in thousands of US dollars, except as otherwise stated)

In January 2013, Lucchini S.p.A. officially declared insolvency. The appointed independent Extraordinary Commissioner sent a communication to all creditors informing them of the opening of the extraordinary administration proceeding. Effective that date, the Group lost its significant influence on Lucchini and started to account the respective investment at fair value. No gains or losses were recognized as a result of this event.