Evraz Group S.A formally announces proposals to amend the terms of certain covenants in the 2013 Notes, the 2015 Notes and the 2018 Notes by way of consent solicitation as set out in a solicitation memorandum dated November 12th 2009. Currently Evraz is not in breach of the any of the covenants in respect of which consent is being sought.

The released said taking into account, however the global economic crisis and its impact on the steel and mining sector, Evraz is proactively seeking amendments to existing covenant packages to allow it increased flexibility in a difficult environment to the benefit of all of its stakeholders, including holders of the Notes.

The release added that in particular the Company is seeking approval by separate extraordinary resolutions of the holders of the 2013 Notes, the 2015 Notes and the 2018 Notes consent to include certain customary carve outs to the financial incurrence test which requires the Company to comply with a debt to EBITDA ratio of 3:1. With respect to the 2015 Notes, the Company is also seeking consent to certain relaxations of the net debt to EBITDA maintenance covenant.