Fitch upgrades Metalloinvest rating to Investment Grade

Moscow, Russia - 29 June 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 Fitch Ratings ("Fitch") has upgraded the Company's corporate rating to "BBB-" with a stable outlook from "BB+"/stable.

According to Fitch's statement, the rating upgrade reflects the Company's robust financial results, underpinned by its commitment to a more conservative financial policy, namely systematic debt reduction and a strong operational profile with competitive cost positioning.

Alexey Voronov, Deputy CEO - Chief Financial Officer of Metalloinvest, commented:

"We are delighted that Fitch recognises the Company's track record of corporate governance improvements, prudent financial policy and overall strong credit metrics. Investment grade is a great achievement that the Company was able to deliver after 10 years of presence in international capital markets, following its debut Eurobond issue in 2011."

# # # #

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%).