ANNOUNCEMENT OF CONSENT SOLICITATION RESULTS

PAO SEVERSTAL (the "Company")

ANNOUNCEMENT OF CONSENT SOLICITATION RESULTS

Programme for the Issuance of Loan Participation Notes issued by Steel Capital S.A. (the "Issuer") for the purpose of funding loans to the Company (the "Programme")

U.S.$800,000,000 in aggregate principal amount of 3.15 per cent. Series 6 Loan Participation Notes due 2024 issued by the Issuer pursuant to the Programme on 16 September 2019 for the purpose of funding a U.S.$800,000,000 loan to the Company (the "Loan")

of which U.S.$800,000,000 is currently outstanding

ISINs: XS2046736919; US85805RAE80 (the "Notes")

On 12 October 2022, the Company announced a consent solicitation in relation to the Notes (the "Consent Solicitation") on the terms and subject to the conditions set forth in the Consent Solicitation Memorandum dated 12 October 2022 (the "Memorandum"). Capitalised terms used, but not defined herein, shall have the meanings given to them in the Memorandum.

The Company hereby announces that at the Meeting held on 3 November 2022 with respect to the Notes in connection with the Consent Solicitation, the Extraordinary Resolution has been duly passed and has become effective.

As the Extraordinary Resolution is duly passed and has become effective, the March 2022 Coupon and the September 2022 Coupon shall be paid in accordance with the Amended Payment Mechanics on the Business Day immediately following the date of the Extraordinary Resolution being passed (the "2022 Coupon Payment Date"), i.e. 7 November 2022, with the relevant record date being one Clearing System Business Day (as defined in the relevant Global Certificate) before the 2022 Coupon Payment Date, i.e. 4 November 2022. The grace period for the payment of principal, interest and other amounts under the Loan and the Notes has been extended to 45 calendar days.

The Noteholders holding the Notes as of 4 November 2022 through Russian National Settlement Depository or the Other Russian Custodians will receive payments in Roubles via respective Russian custodians.

The Noteholders holding the Notes as of 4 November 2022 through foreign nominee holders and seeking to receive direct payments from the Company in Roubles shall (i) contact the Company at svs24@severstal.com to obtain the form of application for the direct payment and (ii) provide, within 30 calendar days, to the Company the signed application  accompanied or subsequently followed by the Payment CPs as set out in the Memorandum.

Questions and requests in connection with the Consent Solicitation should be directed to the Company:

PAO Severstal

Mira street, 30,

162608, Cherepovets, Vologda region, Russia

Email: svs24@severstal.com

Phone: +7(495)9610195 (ext. 21521)

Website: https://severstal.com/eng/