Severstal issues the Audit ad Assurace Policy

October 29, 2020

PAO Severstal, one of the world’s largest vertically integrated steel and
mining companies, announces that the Company’s Audit Committee has issued its
Audit and Assurance Policy for the three years ending 31 December 2022 which
includes the directors’ Risk Report and the directors’ view of its Material
Matters.

This follows a public consultation which started in May 2020 with investors
and stakeholders on a draft of its Audit and Assurance Policy.

Alun Bowen, the Chair of Severstal’s Audit Committee, commented:

“The Audit Committee was pleased with the quality of the feedback provided
by its investors and a variety of stakeholders. We have incorporated their
input and believe that we now have an Audit and Assurance Policy, which
communicates our intentions and plans and has the “buy-in” of our investors and
stakeholders. When the Audit Committee embarked on this initiative, which made
sense for us, we thought we would be amongst a group of companies doing the
same thing, we have been surprised to be the leader in this field! This has
been a valuable exercise for the Audit Committee which has been useful in
focusing our thinking on our audit and assurance responsibilities to a wide
audience.”