MMK announces changes to its Board of Directors

23 April 2014

Magnitogorsk Iron and Steel Works (MMK) announces changes to its Board of Directors

At a meeting on 18 April MMK's Board of Directors decided to nominate the following candidates to the Board of Directors for election at the upcoming Annual General Meeting of shareholders in MMK.

1. Victor F Rashnikov;

2. Ruben A Aganbegyan;

3. Vitaly V Bakhmetyev;

4. Kirill Yu Lyovin;

5. Nikolai V Lyadov;

6. Valery Ya Martsinovich;

7. Olga V Rashnikova;

8. Zumrud K Rustamova;

9. Peter Charow;

10. Pavel V Shilayev.

If these candidates to the Board of Directors are approved at the Annual General Meeting of shareholders in MMK, the new members will replace Boris Dubrovsky, who has been appointed acting governor of the Chelyabinsk Region, and also independent directors Sir David Logan, Bernard Sucher, and David J Herman.

"We are indebted to Sir David Logan, Bernard Sucher, and David J Herman for many years of fruitful collaboration. Our company is grateful to these respected independent directors for their unfailingly competent advice and assistance in making difficult, complex, decisions, and for their contribution to the further development of corporate governance at MMK. The Board of Directors is, however, a dynamic structure, and changes to it are part of an organic process reflecting macroeconomic trends and the need for new approaches to implementing our plans. I am confident that these new nominations to the Board of Directors, which we will propose for endorsement to the MMK AGM, will make a significant contribution to the resolution of issues currently facing the company, and its continuing development," said Chairman of the Board of Directors at MMK, Victor Rashnikov.

Contacts:

Investor Relations Department:

Andrey Serov, Head of IRtel.: +7 (3519) 24-52-97E-mail: [email protected]

Communications Department:

Dmitry Kuchumov Sergei Vykhukholev Alexander Proskurov

Tel: +7 (499) 238-26-13 Tel: +7 (499) 238-26-13 Tel: +7 (3519) 246 303

E-mail: [email protected] E-mail: [email protected] E-mail: [email protected]