Date: 25 May 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

TENDER OFFER RESULTS FOR NOTES DUE 2023 AND 2024

NLMK Group ("NLMK"), the largest steel producer in Russia and one of the most efficient steel companies in the world, notes the announcement by Steel Funding D.A.C. (the "Offeror"), a special purpose vehicle established for the purpose of issuing debt instruments for financing loans to NLMK, of the results of the tender offers made by the Offeror to holders of its outstanding U.S.$700,000,000 4.500 per cent. Loan Participation Notes due 2023 (the "2023 Notes") and the U.S.$500,000,000 4.000 per cent. Loan Participation Notes due 2024 (the "2024 Notes") (each of the 2023 Notes and the 2024 Notes, a "Series", and all outstanding notes of both Series together, the "Notes"), to tender their Notes for purchase by the Offeror for cash (each such invitation, an "Offer" and, together, the "Offers").

An aggregate of U.S.$266,391,000 principal amount of the 2023 Notes and U.S.$204,177,000 principal amount of the 2024 Notes were accepted by the Offeror for purchase. Following completion of the Offers, U.S.$433,609,000 of principal amount of the 2023 Notes and U.S.$295,823,000 of principal amount of the 2024 Notes will remain outstanding. The purchase price is U.S.$1,073 per U.S.$1,000 in principal amount of the 2023 Notes and U.S.$1,083 per U.S.$1,000 in principal amount of the 2024 Notes, plus Accrued Interest.

Subject to the satisfaction of the Financing Condition, the Settlement Date is expected to be on or about 4 June 2021.

Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the tender offer memorandum dated 17 May 2021 (the "Tender Offer Memorandum").

Offer and distribution restrictions apply. Investors should refer to the Tender Offer Memorandum for full details.

Enquiries:

Media contact info:

Mariya Simonova

+7 (915) 322 62 25

simonova_mn@nlmk.com

Investor Relations contact info:

Dmitry Kolomytsyn

+7 (495) 504 0504

ir@nlmk.com

NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world. NLMK Group's steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore windmills. NLMK operates production facilities in Russia, Europe and the United States. The Company's steel production capacity exceeds 18 million tonnes per year. NLMK's ordinary shares with a 20.7% free-float are traded on the Moscow Stock Exchange (ticker "NLMK") and its global depositary shares are traded on the London Stock Exchange (ticker "NLMK:LI"). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUR1. For more information on NLMK Group please visit www.nlmk.com.