PAO Severstal: Moody's downgraded Severstal's credit rating

Moody's downgraded Severstal's credit rating

PAO Severstal (MOEX: CHMF; LSE: SVST) notifies that Moody's has downgraded Severstal's long-term Corporate rating to 'Caa2, outlook: Negative' from 'Baa2, outlook: Stable'. Rating action follow the sovereign rating action on the Government of Russia which took place on 6 March 2022, where Moody's downgraded the Government of Russia's rating to Ca from B3.

The full announcement from Moody's is available at https://www.moodys.com/research/Moodys-downgrades-the-ratings-of-95-Russian-corporates--PR_463626

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.