PAO Severstal: Information regarding GDR program

Information regarding GDR program

In the spirit of keeping the investors abreast of recent legal developments that may be relevant for their decision making and to allow investors to carry out all necessary preparations and communications, PAO Severstal hereby informs that on April 16, 2022 a federal law which prohibits the placement and circulation of depositary receipts representing shares of Russian issuers was signed by the President of the Russian Federation and officially published (the "Law"). The relevant provisions of the Law will come into effect on April 27, 2022 (the "Effective Date").

The Law envisages the termination by all Russian issuers, including PAO Severstal, of their depositary receipt facilities. Pursuant to the Law, as from the Effective Date: (i) only those investors who hold global depositary receipts (GDRs) as of the Effective Date will be entitled to convert them into ordinary shares of PAO Severstal; (ii) the outstanding GDRs will not grant voting or dividend rights until they have been converted into ordinary shares, and (iii) no further GDRs may be issued under the GDR Programme of PAO Severstal.

In anticipation of the Law coming into effect, PAO Severstal has notified Citibank. N.A., as the Depositary for its GDR Programme, of its implications and asked the Depositary to consider the steps necessary to be taken in connection with the termination of the GDR Programme. As at the date of this communication, the Depositary has not provided any feedback to PAO Severstal. Therefore, PAO Severstal would also encourage GDR holders to liaise with the Depositary in accordance with the terms of the relevant Deposit Agreements and discuss options available to secure their rights, including in connection with the conversion of GDRs into PAO Severstal's ordinary shares.

For further information, please contact:

Investor Relations

Nikita Klimantov

T: +7 (495) 926-77-66

na.klimantov@severstal.com

Public Relations

Anastasia Mishanina

T: +7 (495) 926-77-66

anastasia.mishanina@severstal.com

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P Severstal is one of the world's most efficient metals and mining companies, creating new products and integrated steel solutions together with its customers and partners. The company's assets are located in Russia, Latvia and Poland. Severstal is listed on MOEX and the company's GDRs are traded on the LSE. Severstal reported revenue of $11.6 billion and EBITDA of $6.0 billion in 2021. Severstal's crude steel production in 2021 reached 11.6 mln tonnes. www.severstal.com