Pricing notification

Pricing Notification relating to a debt issuance by Steel Capital SA

Moscow, 15 October 2010. The attached document (the "Pricing Notification") sets forth certain important matters relating to the forthcoming issuance by, but with limited recourse to, Steel Capital S.A., a company incorporated under the laws of Luxembourg as a société anonyme, of US$1,000,000,000 6.7% Notes due 2017 for the sole purpose of financing a US$1,000,000,000 6.7% seven-year loan to OAO Severstal (the "Notes") under the US$3,000,000,000 Programme for the issuance of loan-participation notes. It is expected the Notes will be issued on or about 22 October 2010.

http://www.rns-pdf.londonstockexchange.com/rns/4865U_-2010-10-15.pdf

Requests for the information should be directed to:

Vladimir Zaluzhsky

Investor Relations

Email: [email protected]

T: +7 (495) 926 77 66

Maria Medvedeva

External communications

Email: [email protected]

T: +7 (495) 926 77 66