Results of the Annual General Meeting ("AGM")

PAO Severstal (MICEX-RTS: CHMF; LSE: SVST), one of the world’s leading vertically integrated steel and steel-related mining companies, announces that the following resolutions were all passed at the Company’s Annual General Meeting (“AGM”) held on 25 May 2015 in Cherepovets, Russia:

1. To elect the following persons to the Board of Directors of Severstal: Alexey Mordashov, Mikhail Noskov, Vadim Larin, Alexey Kulichenko, Vladimir Lukin, Philip Dayer, Alun Bowen, Alexander Auzan, Sakari Tamminen, and Vladimir Mau.

2. To approve the Annual Report and annual accounting statements including the income statement report for 2014.

3. a) To distribute profits for the 2014 financial year via paying a dividend of 14.65 rubles per share;

b) not to distribute the remainder of the profits for the 2014 financial year.

4. To pay a dividend of 12.81 rubles per share for the first three months of the 2015 ended on 31 March 2015.

5. To elect the Internal Audit Commission comprising of the following persons: Roman Antonov, Svetlana Guseva, Nikolai Lavrov.

6. To approve ZAO KPMG (TIN 7702019950; principal Registration Number of the Entry in the State Register of Auditors and Audit Organisations: 10301000804) as Severstal’s Auditor.

7. To approve changes to the Board of Directors’ remuneration:

a) Starting from 01 June 2015 the following remunerations shall be paid to the members of the Company’s Board of Directors:

- to an Independent Director approved by the Board resolution as Chairman of any of the Board Committees: 10,000 pounds sterling (or an equivalent in any other currency) per month;

- to any other Independent Director: 5,000 pounds sterling (or an equivalent in any other currency) per month

b) Starting from 01 June 2015 to members of the Company’s Board of Directors deemed to be a Non-Executive Director the remuneration in the amount of 5,000 pounds sterling (or an equivalent in any other currency) per month shall be paid

c) All amounts of monthly remunerations shall be paid no later than the 25th date of the month following the month, for which such remuneration is accrued

d) The following non-recurrent remuneration shall be paid to the members of the Company’s Board of Directors retiring after the Company’s AGM on May 25, 2015:

- to an Independent Director presiding as Chairman of the Board of Directors: 21,429 pounds sterling (or an equivalent in any other currency);

- to an Independent Director approved by the Board resolution as Senior Independent Director: 14,286 pounds sterling (or an equivalent in any other currency);

- to an Independent Director approved by the Board resolution as Chairman of the Audit Committee: 14,286 pounds sterling (or an equivalent in any other currency)

e) All amounts of non-recurrent remunerations shall be paid no later than one month following the date of the resolution was passed at the Company’s AGM on May 25, 2015

f) The documentarily confirmed expenses relating to the execution of the duties as Independent Directors or Non-Executive Directors of the Company’s Board shall be reimbursed.

8. To approve the new edition of the Charter of Severstal.

As previously announced, the record date for both dividend payments confirmed in resolutions 3 and 4 above will be 5 June 2015.