Severstal obtains permission to maintain its GDR program

PAO Severstal (MOEX: CHMF; LSE: SVST) (“Severstal”) announces that the Russian Government Commission on Control of Foreign Investment has granted the Company permission to maintain the circulation of its global depository receipts (GDRs) at stock exchanges outside of Russia for an unlimited period of time.

The rights of GDR holders, including the right to vote, to receive dividends and to convert their GRDs into common shares of the Company, will continue to be determined in accordance with applicable law and relevant depositary agreements.

Severstal’s GDRs are listed on the London Stock Exchange. Their trading is currently suspended by the London Stock Exchange.

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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PАО Severstal is a vertically integrated steel and steel-related mining company, working with customers and partners to create new products and integrated solutions from steel. The company's production facilities are located in Russia. Severstal is listed on MOEX (CHMF) and on the LSE (SVST). Severstal reported revenue of $11.6 million and EBITDA of $6 bln in 2021. Severstal’s crude steel production in 2021 reached 11.6 million tonnes.