Metalloinvest announces improved commercial terms
for tranche B of PXF-2017 credit agreement

Moscow, Russia - 3 June 2019 - Metalloinvest, a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, announces that it has improved the commercial terms for tranche B of its pre-export finance facility ("PXF-2017"), signed in 2017.

The addition agreement constitutes a significant decrease in the interest rate margin linked to LIBOR for tranche B, which is in the amount of USD 250 mn and has a maturity period of 2022-2024. It is expected that the changes to the credit agreement will come into force after the fulfilment of a range of standard conditions precedent.

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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, ext. 7243

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