Moscow, Russia - 26 July 2018 - Metalloinvest, a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel, today announces that it has provided a loan to Holding Company USM LLC equalling up to 70 bn roubles.

Ivan Streshinsky, Chairman of the Board of Directors, Management Company Metalloinvest, commented: "The loan is intended for the refinancing of the outstanding debt of USM Holdings to Metalloinvest and will complete the transition of USM Holding's assets into the Russian jurisdiction. These funds will return in full to Metalloinvest's balance. The Company's total debt and cash position will remain unchanged as a result of this transaction."

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For more information, please contact:

Artem Lavrischev
Director of Investor Relations and Corporate Ratings

E: ir@metalloinvest.com

T: +7 (495) 981-55-55

Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers.

Metalloinvest is wholly owned by USM Holdings. Alisher Usmanov is the major beneficiary of USM Holdings (49%), with other major beneficiaries being the companies of Vladimir Skoch (30%) and Farhad Moshiri (9%).