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 "Prospectus"), which relates to the US$475,000,000 Guaranteed Convertible Bonds due 2017 by Holdgrove Limited, a company incorporated with limited liability under the laws of Cyprus, with a limited guarantee by 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: