April 23, 2020

The Board of Directors of Severstal (“Severstal”, “the
Company”) (LSE: SVST; MICEX-RTS: CHMF), one of the world’s leading vertically
integrated steel and steel-related mining companies, is recommending a
dividendof 27.35 roubles per share for the three months ended 31 March

Approval of the dividend is expected at the Company’s AGM
which will be taken on 5 June 2020.

The Board has resolved to change the form of the AGM and
hold it in absentia rather than in-person as it has been initially resolved by
the Board in January. The Board of Directors approved the following agenda for
the AGM:

  1. Election of members of the Board of Directors of PAO

  2. Allocation of profit of PAO Severstal for 2019 results.
    Payment (announcement) of dividends for 2019 results.

  3. Payment (announcement) of dividends for the results of the
    first quarter of 2020.

  4. Approval of the Auditor of PAO Severstal.

The record date for participation in the AGM is 11 May 2020.
If the dividend payment for the three months ended 31 December 2019 and the
three months ended 31 March 2020 is approved at the AGM, the record date for
both these dividend payments will be 16 June 2020.