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Covington Advises Oregon Steel in $2.3 Billion Acquisition by Evraz Group

January 17, 2007

NEW YORK, NY, January 17, 2007 — Evraz Group S.A. announced that it successfully completed its tender offer for Oregon Steel Mills, Inc. (NYSE: OS) common stock for $63.25 per share, with approximately 91.5% of the outstanding shares of common stock of Oregon Steel Mills tendered into the offer. The tender offer was the first step of the previously announced approximately $2.3 billion acquisition of Oregon Steel Mills. In accordance with the merger agreement, Evraz intends to effect a short-form merger to acquire the remaining outstanding shares in the next several days. Covington advised Oregon Steel Mills in the transaction.

Oregon Steel Mills is one of the most diversified steel manufacturers in North America, producing over 1.8 million tons of specialty and commodity steel products annually. Evraz Group S.A. is one of the largest vertically-integrated steel and mining businesses with operations mainly in Russia.

The Covington team was led by corporate partner J. D. Weinberg in New York. The New York and Washington based team included partner Scott Smith and associates Andrew Ment, Marcus Weiss, Ingrid Loreen and Michelle Garcia (corporate), as well as partner Michael Francese (employee benefits), Robert Heller (tax), partner Corinne Goldstein (environmental), partner George Chester (antitrust), and David Marchick, Peter Flanagan, Linda Morgan, Kimberly Strosnider and Damara Griffith (CFIUS and other regulatory).

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