Eurobonds 2016

Issuer Steel Capital SA (the "Issuer")
Company (as Borrower) Open Joint Stock Company ‘‘Severstal’’ (the ‘‘Borrower’’ or ‘‘Severstal’’) with its registered office and business headquarters at Ul. Mira 30, 162600 Cherepovets, Russia
Offering U.S.$500,000,000 6.25 percent Loan Participation Notes due 2016
Trustee Citibank, N.A., London Branch
Principal Paying Agent and Transfer Agent Citibank, N.A., London Branch
Registrar Citigroup Global Markets Deutschland AG
New York Paying Agent and Transfer Agent Citibank, N.A., New York branch
Issue Price of Notes 100 percent of the principal amount of Notes
Settlement Date 26 July 2011
Maturity Date 26 July 2016
Interest 6.25% per annum
Security Codes Regulation S ISIN: XS0648402583
Regulation S Common Code: 064840258
Rule 144A ISIN: US85805RAA68
Rule 144A Common Сode: 064987003
Rule 144A CUSIP: 85805RAA6