PAO Severstal: Fitch Ratings downgraded Severstal's credit rating

Fitch Ratings downgraded Severstal's credit rating

PAO Severstal (MOEX: CHMF; LSE: SVST) notifies that Fitch Ratings has downgraded Severstal's long-term foreign currency and local currency Issuer default ratings to 'B' from 'BBB' and placed them on Rating Watch Negative (RWN) to reflect similar actions on the Russia's sovereign ratings on 2 March 2022.

The full announcement from Fitch is available at https://www.fitchratings.com/entity/pao-severstal-80975857#ratings

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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P Severstal is one of the world's most efficient metals and mining companies, working with customers and partners to create new products and integrated solutions from steel. The company's assets are located in Russia, Latvia and Poland. Severstal is listed on MOEX and the company's GDRs are traded on the LSE. 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.