Severstal announces waiver of Essar agreement termination condition to the tender offer for Esmark shares

Severstal announced that it is waiving the Essar agreement termination condition to its previously announced tender offer to acquire all of the outstanding shares of common stock of Esmark Incorporated (NSDQ: ESMK), a manufacturer and distributor of flat rolled and other steel products.  It had been a condition to the tender offer that Esmark validly terminate the Memorandum of Agreement, dated April 30, 2008, between Esmark and Essar Steel Holdings Limited and, if entered into prior to the expiration of the tender offer, the Agreement and Plan of Merger between Esmark and Essar Steel contemplated by the Memorandum of Agreement.

On May 30, 2008, Severstal commenced the all cash $17.00 per share tender offer to acquire Esmark shares.

All other terms and conditions of the tender offer remain the same, as set forth in the Offer to Purchase filed with the United States Securities and Exchange Commission on May 30, 2008.