UPDATE 1-Accident kills one at Severstal Russian plant

(Adds company statement, details)

MOSCOW Jan 31 (Reuters) - A steel worker died on Thursday and two more were injured after an accident at Severstal's (CHMF.MM) main plant in the Russian city of Cherepovets, emergency ministry and company officials said.

Viktor Beltsov, spokesman for Russia's Emergencies Ministry, said an explosion occurred at 11:26 a.m. Moscow time (0826 GMT) in the plant's No. 5 blast furnace.

Severstal confirmed the death of its employee and said two others were in hospital. But the company said there had been no explosion and that the accident occurred when the refractory lining of the blast furnace came loose, causing a fire.

Severstal said the No. 5 blast furnace had been stopped and that a commission had been set up to investigate the incident.

Severstal is Russia's largest steel maker including foreign assets. Eleven workers at its Vorkutaugol coal-mining subsidiary died last year after a methane explosion at an Arctic colliery.

Severstal's London-traded stock was down 3.9 percent at 1144 GMT, but this was in line with losses by other Russian steel firms listed in London. Novolipetsk Steel (NLMKq.L) was down 3.8 percent and Evraz Group HK1q.L 3.6 percent. (Reporting by Tatiana Ustinova and Anastasia Teterevleva, writing by Robin Paxton; editing by Michael Roddy)