Magnitogorsk Iron & Steel Works (MMK) (the "Company"; Moscow Exchange ticker: MAGN) announces that Mintha Holding Limited ("Mintha"), whose ultimate beneficiary is Mr. V. Rashnikov, has sold 335,229,900 ordinary shares (the "Resale Shares") in the Company, representing 3% of the issued ordinary share capital of the Company (the "Sale"). The Resale Shares were sold to Goldman Sachs International for resale to investors (the "Resale").

For immediate release

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

SALE OF 335 MILLION EXISTING ORDINARY SHARES IN MAGNITOGORSK IRON & STEEL WORKS (MMK)

Magnitogorsk Iron & Steel Works (MMK) (the "Company"; Moscow Exchange ticker: MAGN) announces that Mintha Holding Limited ("Mintha"), whose ultimate beneficiary is Mr. V. Rashnikov, has sold 335,229,900 ordinary shares (the "Resale Shares") in the Company, representing 3% of the issued ordinary share capital of the Company (the "Sale"). The Resale Shares were sold to Goldman Sachs International for resale to investors (the "Resale").

The ownership interest of Mintha in the Company's issued ordinary share capital prior to the Sale and after giving effect to the Sale is 84.26% and 81.26%, respectively, of the issued share capital of the Company. Prior to the Resale, the free float of the Company is 15.74%. After completion of the Resale, assuming all Resale Shares are sold, the free float of the Company will be 18.74%.

The remaining ordinary shares in the capital of the Company held by Mintha will be subject to a lock-up for the period ending 60 days after 26^th April 2021, save for customary exceptions and waiver by Goldman Sachs International.

Goldman Sachs International is acting as sole bookrunner on the Resale.

The Company will not receive any proceeds fr om the Sale and/or the Resale.

The Resale Shares, in all respects, rank pari passu with the Company's ordinary shares.

Investor Relations Department:

Veronika Kryachko 
phone: +7 (915) 380-62-66 
e-mail: kryachko.vs@mmk.ru