Severstal’s announcement in relation to coupon payment for Eurobond 2024

PJSC Severstal (MOEX: CHMF) announces that the regular coupon payment in the amount of US$12,600,000 under its US$800,000,000 3.15 % Loan Participation Notes due 2024 is due on 16 September 2022.

As previously reported, due to the restrictions imposed on Severstal by foreign states, it is currently impossible to continue servicing obligations in accordance with the procedure provided for in the underlying Eurobond documentation. Severstal has submitted applications to authorized foreign regulatory authorities with a request to provide the permits necessary for making payments on Eurobonds in the usual manner, but at the moment such permits have not been received and there are no guarantees as to whether they will be issued and in what time.

PJSC Severstal is working on possible solution for servicing the debt on Eurobonds 2024 bearing in mind currently applicable limitations and plans to submit it such solution for discussion with the investors shorty.

Severstal continues to confirm its readiness to fulfill its obligations, has sufficient funds for this and is making every possible effort in the current circumstances.

For further information, please contact:

Severstal Investor Relations

Vladimir Zaluzhsky, Nikita Klimantov

T: +7 (495) 926-77-66

vladimir.zaluzhsky@severstal.com; na.klimantov@severstal.com

Severstal 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). 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.