In 1994-1995, during a severe shortage of working capital, a promissory-note program called the Inter-regional Veksel Center (Open Joint Stock Company “IVC”) was established to optimize benefits for commercial enterprises in their dealings with creditors.

Many companies utilized the financial products of the veksel center, among them subsidiaries of Severstal's holding company. The joint program established by the veksel center and the OJSC “Severstal” provided a model of successful cooperation for a great variety of commercial enterprises and became the main focus of the Center’s activities.

As a result, the newly reconstituted company OJSC “IVC-Severstal” became a successor to the veksel center.

  • 1996
    “IVC-Severstal’” was created on March 13, 1996. The company’s leadership faced a significant challenge: solving the problem of nonpayment by issuing its own promissory notes. During this period, promissory notes issued by the OJSC “Severstal” circulated along with those issued by “IVC-Severstal.” Promissory notes were issued in different series for different types of payments: A-TDK (territorial travel fund), A-KR (major renovation), A-KS (major construction), A, V.

  • 1997
    The benefits of using a single financial product in the form of “IVC-Severstal” promissory notes become increasingly evident. Therefore the OJSC “Severstal” completely stops its issuance and switches over to using OJSC “IVC-Severstal” promissory notes as a specialized veksel operator.

  • 1998
    During the Russian economy’s financial crisis, specialists at the veksel center develop a program to lead its commercial clients out of the crisis. Using promissory notes with an extended payment period, this program allows many of our clients retain their working funds during a period of [deflation?] and helps them through this difficult period.

  • 1999
    As the country’s economic situation improves, financial promissory notes become increasingly liquid until commodity promissory notes are gradually replaced by financial ones. Against this backdrop of increasing liquidity for financial promissory notes, consumer interest in this financial instrument grows. Financial promissory notes begin to be issued with a single payment period of three months (series V, 90 days). Gradually, series V promissory notes are replaced by series V1 and V2, which maintain an even greater degree of security.

  • 2003
    The veksel center’s existing programs to serve commercial enterprises are joined by a new long-term veksel program directed by Ul’ianovskii Automotive Works (UAW) and by the OJSC “Severstal-Metiz” program, both of which continue to grow successfully to this day. For example, according to the figures for 2006, UAW’s mid-year issuance of promissory notes comprises 400 million rubles, while “Severstal-Metiz”’s comes to 700 million.

  • 2004
    A new veksel program is launched jointly with the OJSC “Kolomenskii machine-building works.”

Since its inception, the IVC “Severstal” promissory note program has been used by many commercial enterprises, including Olenegorskii GOK, “Vorkuta Coal,” “Karelskii okatysh,” the “Vorgashorskii mines,” Kovdorskii GOK, VOLOGDAENERGO, Kalininskaia AES, and Kostromskaia AES. Their number continues to grow.

Practical experience has shown that the promissory note program is widely utilized and can be issued for a variety of commercial profiles without need for significant changes. Moreover, this financial instrument makes it possible to respond quickly and precisely to changes in the economic environment. Experts have noted that widespread market recognition makes it substantially easier to promote our promissory notes in dealing with creditors. At the same time, the high liquidity of the financial products offered ensures a positive response to our company's services and a solid reputation for IVC "Severstal" on the financial market.