MMK ranked No.2 by S&P on transparency

Open Joint Stock Company

Magnitogorsk Iron and Steel Works

Press-release

November 22, 2010

MMK ranked №2 by S&P on transparency

MMK continues to pursue the best disclosure practices among Russian public companies. According to the information transparency research published by Standard & Poor's Corporate Governance Services together with the Centre for Economic and Financial Research supported by RTS, MMK ranks №2 among the 90 largest publicly traded Russian companies.The research uses only publicly available information. The checklist method consists of 110 items relating to three blocks: ownership structure and shareholder rights, financial and operational information, and, board and management structure and process.

This year MMK showed the transparency level of 80% which is 2 percent higher than in 2009, when the company took the third position. In 2008 MMK was on the 13th place.

About MMK

The Open Joint Stock Company 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 products. MMK realizes MMK-Atakas project in Turkey with annual capacity of 2.3 mln tons of flat steel. In 2009 the company produced 9.6 mln tons of crude steel and 8.8 mln tons of commercial steel products. MMK Group revenue in 2009 stood at USD 5.081 bn, EBITDA at USD 1.285 bn, profit for the period - USD 219 mln.

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