Publication of Prospectus

Not for release, publication or distribution in whole or in part, directly or indirectly, in or into the United States of America.

Publication of Prospectus

The following Prospectus is available for viewing:

The attached document (the "Base Prospectus"), which relates to the US$3,000,000,000 loan participation note programme for the issuance of loan participation notes by, but with limited recourse to, Steel Capital SA, a company incorporated under the laws of Luxembourg as a société anonyme, for the sole purpose of financing loans to OAO Severstal, has been approved by the Financial Services Authority in its capacity as competent authority under the Financial Services and Markets Act 2000 as a prospectus for the purposes of Directive 2003/71/EC. The Base Prospectus will shortly be available for inspection at the National Storage Mechanism at

To view the Base Prospectus in full, please paste the following URL into the address bar of your browser.

DISCLAIMER This announcement is not for distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any states of the United States and the District of Columbia). This announcement does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States of America. Securities may not be offered or sold in the United States of America or to, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the Securities Act) absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The securities mentioned herein have not been, and will not be, registered under the Securities Act. There will be no public offering of securities in the United States of America. T

his announcement is directed at and/or for distribution in the United Kingdom only to (i) persons who have professional experience in matters relating to investments and who are investment professionals within the meaning of article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) high net worth entities falling within article 49(2) of the Order and (iii) any other persons to whom this announcement may otherwise lawfully be directed (all such persons being together referred to as "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such investments will be available only to and will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Persons distributing this announcement must satisfy themselves that it is lawful to do so.

This announcement or information contained therein is not an offer, or an invitation to make offers, to sell, exchange or otherwise transfer securities in the Russian Federation to or for the benefit of any Russian person or entity and does not constitute an advertisement or offering of securities in the Russian Federation within the meaning of Russian securities laws. Information contained herein is intended only for persons who are "qualified investors" within the meaning of Article 51.2 of the Federal Law no. 39-FZ "On the Securities Market" dated 22 April 1996, as amended (the "Russian QIs") and must not be distributed or circulated into Russia or made available in Russia to any persons who are not Russian QIs, unless and to the extent they are otherwise permitted to access such information under Russian law. The securities have not been and will not be registered in Russia and are not intended for "placement" or "circulation" in Russia (each as defined in Russian securities laws) unless and to the extent otherwise permitted under Russian law.