Credit Ratings

Senior Implied Rating	BB / Stable	BB- / Stable	Ba2 / Stable
Latest Action	Upgrade from BB- / Stable to BB / Stable on July 24, 2007	Upgrade from B+ / Positive to BB- / Stable on December 26, 2006	Upgrade from Ba3 / Positive to Ba2 / Stable on July 6, 2007
Severstal'2009 8,625%	BB	n/a	Ba2
Severstal'2014 9,250%	BB	BB-	Ba2