S&P improves Metalloinvest outlook to positive from stable

Moscow, Russia - 31 May 2021 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, today announces that Standard & Poor's Ratings Services ("S&P") has improved the Company's outlook to positive from stable, affirming a 'BB+' long-term corporate credit rating.

According to a statement published by S&P, Metalloinvest's outlook revision to positive reflects the Company's debt reduction, as well as the resilience achieved in its operating and financial results in 2020, despite the challenging market conditions.

S&P's analysts expect that Metalloinvest will continue to demonstrate robust performance in 2021, given the favourable market conditions, which will support the further debt reduction. The positive outlook indicates that the rating could be raised if the Company can sustain currently strong credit metrics long-term.

Alexey Voronov, Deputy CEO - Chief Financial Officer of Metalloinvest, commented: "We are delighted that S&P recognises the Company's prudent financial policy and track record of proactive debt management, including the repayment of more than USD 600 million over the last two years, which resulted in visible improvement of our credit metrics."

# # # #

If you have any questions, please contact us:

Artem Lavrischev
Investor Relations

E: ir@metalloinvest.com

T: +7 (495) 981-55-55, ext. 7243

Anton Troshin

Public Relations

E: pr@metalloinvest.com

Tel.: +7 (495) 981-55-55, ext. 7629

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%).