Severstal appoints Citi as Depositary Bank for GDR Programme

PAO Severstal (MOEX: CHMF; LSE: SVST), one of the world's leading vertically integrated steel and steel-related mining companies, announces that Citi, acting through Citibank N.A., has been appointed to act as depositary bank for its Global Depositary Receipt ("GDR") programme, effective as of December 6, 2021.

Severstal and Citibank, N.A. have amended the Deposit Agreements dated September 26, 2006 by entering into the Amended and Restated Deposit Agreements dated December 6, 2021.

PJSC Sberbank will take over as the Custodian in providing custody services in respect of the local underlying shares. The head office of the Custodian is 19 Vavilova Street, Moscow, 117997, Russia.

Holders of the Severstal' GDRs do not need to take any action in connection with this notice.

Severstal's Reg S GDRs are listed on the London Stock Exchange under the symbol "SVST" and admitted to trading on the SPB Exchange under the symbol "SVST@GS". The 144A GDRs presented in the PORTAL system. Each GDR represents one ordinary share of Severstal.

For further information, please contact:

Severstal Investor Relations

Vladimir Zaluzhsky, Nikita Klimantov

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

Severstal Public Relations

Anastasia Mishanina

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

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PАО Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, Latvia and Poland. Severstal is listed on MOEX and the company's GDRs are traded on the LSE. Severstal reported revenue of $6,870 mln and EBITDA of $2,422 mln in 2020. Severstal's crude steel production in 2020 reached 11.3 mln tonnes.