Board approves Russian Ruble bond programme

OAO Severstal (‘Severstal’ or the ‘Company), one of the world’s leading steel and steel related mining companies, announces that the Board of Directors has approved the launch of a Russian Ruble bond programme which provides the Company with the potential to issue up to RUB 80 billion. The launch of this programme is a technical procedure to facilitate Severstal’s potential access to debt capital markets and would be primarily used to refinance the Company’s debt portfolio. Severstal launched a similar bond programme in 2009 with the potential to issue up to RUB 45 billion.