Severstal plans to delist from LSE

MOSCOW. July 22 (Interfax) - PJSC Severstal on Friday sent a request to the UK Financial Conduct Authority and the London Stock Exchange on delisting its global depositary receipts, the company said in a press release.

"The decision to delist and terminate the GDR program has resulted from the number of sanctions restrictions imposed against Severstal, meaning that it is no longer possible to maintain the GDR program in accordance with depository agreements, as well as maintain regular trading operations with Severstal GDRs," according to the press release.

Severstal expects delisting from the LSE to occur on the 21st business day from the notification date.

Severstal has also sent a notice to Citibank NA on terminating the GDR program, and has instructed Citibank to terminate the depository agreements by August 31, 2022, inclusive.