Press release

28 November 2022

Update regarding the coupon payment for the Eurobonds due 2024

Novolipetsk Steel (“NLMK”) hereby informs the holders of the 4.00 per cent. loan participation notes due 2024 (ISIN: XS1577953174, US85812RAA77) (the “Notes”) that (i) on 21 September 2022 NLMK made the scheduled coupon payment to the holders of the Notes whose rights are recorded by Russian depositories, and (ii) on 26 September 2022 (having received the required authorization from the Ministry of Finance of Russia) NLMK transferred the amount equivalent to the balance of the coupon payment to the account of the Issuer of the Notes (Steel Funding D.A.C.) with the Principal Paying Agent (Deutsche Bank AG, London Branch), which was supposed to be on-transferred by the Principal Paying Agent to the international clearing systems for distribution to the holders of the Notes via these systems.

The payment made by NLMK on 26 September 2022 to the Issuer was successfully received by the Issuer on its account with the Principal Paying Agent, however, NLMK has been informed by the Principal Paying Agent that such payment was not remitted by the Principal Paying Agent to the international clearing systems.

NLMK is not aware of any prohibitions on the distribution of the September coupon payment under the Notes to the noteholders whose rights are recorded outside of Russia. It has taken all possible steps to enable such distribution in accordance with recent resolutions of the noteholders, including the engagement in active communications with the Principal Paying Agent and the provision of all information that could be helpful in connection with the distribution.

Considering that NLMK has no leverage over the Principal Paying Agent, international clearing and banking systems, we highly encourage those holders of the Notes who have not received the above coupon payment to address queries and requests to the Principal Paying Agent and respective international clearing systems, either directly or through their depositories or brokers.

About NLMK Group

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 wind turbines.

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 RUB1.

For more information about NLMK Group, please visit our website.