PJSC Magnitogorsk Iron & Steel Works (“MMK”, or the “Group”) (MICEX-RTS: MAGN; LSE: MMK) one of the world’s largest steel producers, is pleased to announce its Trading Update for Q4 and 12M 2021.

KEY INDICATORS FOR Q4 2021 VS Q3 2021

• Pig iron output decreased by 1.5% quarter-on-quarter (q-o-q) to 2,583 thousand tonnes due to the shutdown of Blast Furnace No. 9 for an overhaul at year-end.

• Steel output increased by 3.3% q-o-q to 3,501 thousand tonnes, reflecting a higher steel output at the Turkish asset in line with announced plans.

• MMK Group’s sales of metal products increased by 26.6% q-o-q to 3,495 thousand tonnes, driven by favourable market conditions, higher production volumes at the Turkish asset and run-down inventories.

• MMK Group’s sales of premium products were up 19.8% to 1,452 thousand tonnes, driven primarily by higher sales of cold-rolled products and Mill 5000 thick plate.

• MMK Coal’s coal concentrate production totalled 888 thousand tonnes, up 2.5% q-o-q, due to the increased processing of own coals.

KEY INDICATORS FOR 12M 2021 VS 12M 2020

• Pig iron output increased by 11.5% year-on-year (y-o-y) to 10,420 thousand tonnes as no long-lasting overhauls took place at blast furnace operations.

• Steel output increased by 17.4% y-o-y to 13,592 thousand tonnes, as converter facilities were not being overhauled during this period, and the electric arc furnace facility was launched at the Turkish asset.

• MMK Group’s sales of metal products increased by 16.0% y-o-y to 12,480 thousand tonnes, driven by favourable market conditions and the high utilisation rate of Mill 2500 after its modernisation in 2020.

• Sales of premium products grew by 1.3% y-o-y to 5,211 thousand tonnes amid strong demand for galvanised steel in export markets.

• Production of coal concentrate increased by 12.6% y-o-y to 3,445 thousand tonnes, driven by stronger demand from MMK amid favourable market conditions.

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