Severstal announced of the agenda of the annual shareholders meeting to be held June 21, 2002, and the list of nominees for the Board of Directors positions and several other important documents. The shareholders meeting will decide upon the issue of paying of dividends for 2001.

The Board of Directors will recommend to pay dividends in the form of shares. Each shareholder of Severstal will receive a share of Severstal-Resurs and Severstal-Avto per share of Severstal.

On June 21, the shareholder will have to approve the annual report, the balance sheet and income statement.

The meeting is expected to approve the new edition of the company charter, which provides grounds for the election of the general director by the members of the Board of Directors. The meeting participants are also expected to approve regulations on the Board of Directors, regulations on the General Director, regulations on the Executive Board and regulations on the Auditing Committee.

The proposed changes in the Board of Directors were caused by legislative changes, which now limit the share of the Board of Director members to no more than 25% of the Executive Board. Changes were also necessary because of the business rationalizing. For the first time, three representatives of the Severstal-Group managing company are nominated for the positions of members of the Board of Directors. They are Vladimir Kozlov and Dmitry Sanin, deputies general director and Pavel Chelnokov, Legal Department Head.

The nominees for the Board of Directors include Vyacheslav Pozgalev, the Governor of Vologda Region, Mikhail Stavrovsky, the Mayor of Cherepovets, Nikolai Tikhomirov, the Chairman of the Legislative Assembly of Vologda region.

The complete list of the nominees for the Board of Directors include:

• Kruchinin Anatoli Nikolayevich - Executive Director of Severstal,
• Kozlov Vladimir Ivanovich - Deputy General Director of Severstal-Group,
• Ghuravlev Igor Pavlovich - Chairman of the Trade Union of Severstal,
• Mordashov Alexei Alexandrovich - General Director of Severstal,
• Makhov Vadim Alexandrovich - Director of Strategic Planning of Severstal,
• Nikolayev Konstantin Yuryievich - General Director of Severstaltrans,
• Noskov Mikhail Vyacheslavovich - Financial Director of Severstal,
• Pogodin Alexei Alexandrovich - Legal Department Head of Severstal,
• Pozgalev Vyacheslav Evgeniyevich - Governor of Vologda Region,
• Sanin Dmitry Vyacheslavovich - Deputy General Director of Severstal-Group on legal issues,
• Stavrovsky Mikhail Sergeevich - Mayor of Cherepovets,
• Tikhomirov Nikolai Vasylyevich - Chairman of the Legislative Assembly of Vologda Region,
• Chelnokov Pavel Anatolyevich - Head of the Legal Department of Severstal-Group,
• Shvetsov Vadim Arkadyevich - First Deputy General Director of Severstal,
• Shevtsov Georgy Egorovich - Social Infrastructure Director of Severstal.

The list of persons, which may take part in the shareholders meeting and receive dividends, was closed on May 6.