Postponement of Nord Gold initial public offering

Severstal one of the world’s leading integrated steel and mining companies, announces today that as a result of capital market conditions Nord Gold N.V. (“Nordgold”), a gold producer and a wholly-owned indirect subsidiary of Severstal, has postponed an initial public offering and listing of its ordinary shares.

Nordgold has rapidly grown into an established pure-play gold producer focused on emerging markets with strong fundamentals and is a growing contributor to Severstal’s financial results. Nordgold will continue to develop its business and the Company is confident that given its strong fundamentals Nordgold will meet its growth targets.