Decision of the Board

Open Joint Stock Company

Magnitogorsk Iron and Steel Works

Press-release

Magnitogorsk April 16, 2010

OJSC Magnitogorsk Iron and Steel Works (OJSC MMK) Announces the Results of the Meeting of the Board of Directors

At the meeting the Board of Directors approved the report on the company development in priority directions in 2009. It also considered the results of the Board committees' activity in 2009. The Board of Directors of MMK includes four committees - the Strategic Planning and Corporate Governance Committee, the Personnel and Remunerations Committee, the Audit Committee, the Investment Policy and Government Relations Committee.

The Board of Directors recommended to the Annual General Shareholders' Meeting (to be held on May 21, 2010) to approve the payment of dividends for the financial period of 12 months of 2009 in the amount of RUB 0,37 (including tax) per ordinary share.

The list of persons entitled to participate in the General Shareholders' Meeting of the Company's shareholders was prepared on the basis of the Shareholders' Register as of business close April 02, 2010.

About OJSC MMK

OJSC MMK is among the world's largest steel producers and is one of the leaders of Russia's steel industry. The company's operations in Russia include a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of higher value added goods. In 2009 the company produced 9.6 mln tons of crude steel and 8.8 mln tons of commercial products. MMK Group revenue in 2009 stood at USD 5.081 bn.

Contacts: Evgeny Kovtunov Phone.: +7 (3519) 24-93-55 E-mail: [email protected]