Fitch upgrades Metalloinvest rating to 'BB+' with a stable outlook

Moscow, Russia - 6 May 2019 - Metalloinvest ("the Company") today announces that Fitch Ratings ("Fitch") has upgraded the Company's corporate rating to "BB+" with a stable outlook from "BB"/positive.

According to Fitch statement, rating upgrade reflects the Company's continually strong operational profile with strategic focus on high value-added products, competitive cost position, healthy liquidity, improved financial metrics and incorporates the progress the Company has made to improve the level of corporate governance.

At the same time, Fitch has upgraded the senior unsecured ratings assigned to the notes issued by Metalloinvest Finance D.A.C. to "BB+" from "BB".

Alexey Voronov, Finance Director of Management Company Metalloinvest, said:

"We welcome the agency's decision to upgrade Metalloinvest's rating to BB+ (one step to the investment grade). Fitch is the third international rating agency, which upgraded Metalloinvest's rating to BB+/Ba1 level since the beginning of 2019 year".

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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 Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%).