NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT OR THE CONSENT SOLICITATION MEMORANDUM.

Novolipetsk Steel (“NLMK”, the “Borrower”) hereby announces the results of the meetings held on 19 September 2022 (the “Adjourned Meeting”) for each of the outstanding U.S.$500,000,000 4.70 per cent. loan participation notes due 2026 (“2026 USD Notes”) issued by Steel Funding D.A.C. (the “Issuer”) for the sole purpose of financing a loan to the Borrower.

Capitalised terms used in this announcement but not defined herein have the meanings given to them in the Consent Solicitation Memorandum for the 2026 USD Notes dated 12 August 2022 (as amended from time to time).

Results of the Meeting

2026 USD Notes

By passing the Amendment Extraordinary Resolution, the holders of the 2026 USD Notes approved the Amendment Documents relating to 2026 USD Notes, including, modifications to the Trust Deed, the Conditions, the Paying Agency Agreement, the Loan Agreement and Global Certificates. By passing the Waiver Extraordinary Resolution, the holders of the 2026 USD Notes approved a waiver of any breaches by the Issuer and NLMK resulting from the non-payment of interest on the 2026 USD Notes and the corresponding amount of interest under the Loan Agreement until 31 December 2022 (inclusive).

Noteholders should contact the Information and Tabulation Agent or Investor Relations department for further information:

i2 Capital Markets Ltd.

128 City Road

London, EC1V 2NX, United Kingdom

Email: nlmkconsent@i2capmark.com, Phone: +44 203 633 1212

IR department

40, Bolshaya Ordynka Str., Bldg. 3
Moscow, 119017, Russia
Email: ir@nlmk.com

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 listed on the Moscow Stock Exchange (ticker “NLMK”) and its global depositary shares are listed 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 details on NLMK Group, please visit our website.