Result of Extraordinary General Meeting

Result of Extraordinary General Meeting

September 11, 2014, Moscow - OAO Severstal ("Severstal", the "Company"), one of the world's leading vertically integrated steel and steel-related mining companies, announces that all resolutions were passed at the Company's Extraordinary General Meeting ("EGM") held on 10 September 2014.

Severstal's shareholders approved a resolution to transfer the powers and responsibilities of OAO Severstal's Executive Management Team including those of its CEO, Alexey Mordashov, to a new management company, called Severstal Management, effective from 1 January 2015.

Shareholders also terminated the authorities and responsibilities of Severstal's CEO, effective from 1 January 2015.

This change is in line with the Company's stated strategic focus on optimizing its management structure and further enhancing management efficiency and transparency. Severstal Management will enhance the efficiency and transparency of OAO Severstal and its subsidiaries by reducing management layers, centralizating certain administrative functions and removing duplication. Alexey Mordashov will head Severstal Management.

Shareholders also approved the payment of a dividend of 2.14 rubles (approximately $0.06) per share for the first six months of the financial year to June 2014. The record date for dividend payment for the first six months of 2014 is 22 September 2014.

For further information please contact:

Severstal Investor Relations

Vladimir Zaluzhsky

T: +7 (495) 926-77-66

[email protected]

Severstal Public Relations

Elena Kovaleva

T: +7 (495) 926-77-66

[email protected]

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ОАО Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, the USA, the Ukraine, Latvia, Poland, Italy and Liberia, founded in 1993. Severstal is listed on MICEX-RTS and the company's GDRs are traded on the LSE. Severstal reported revenue of $13,312 million and EBITDA of $2,063 million in 2013. Severstal's crude steel production in 2013 was 15.7 million tonnes. Chief Executive of OAO Severstal - Alexey Mordashov. www.severstal.com