Metalloinvest announces intragroup structure optimisation

Moscow, Russia - 25 June 2021 - Metalloinvest, a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, announces an optimised ownership structure of its operating assets.

As a result of a number of intragroup transactions, Holding Company Metalloinvest will gain direct control of Andrey Varichev Mikhailovsky GOK. Therefore, Metalloinvest will directly own both mining enterprises, Lebedinsky GOK and Mikhailovsky GOK.

Holding Company Metalloinvest will control the steel segment enterprises through the GOKs. Lebedinsky GOK will directly own Alexey Ugarov OEMK, while Mikhailovsky GOK will remain the sole shareholder of Ural Steel.

Nazim Efendiev, CEO of Management Company Metalloinvest, commented:

"We are aligning our organisational structure with the sustainable operational and financial relationships between our enterprises. Lebedinsky GOK and OEMK practically operate in a single production chain, while Mikhailovsky GOK supplies Ural Steel with iron ore raw materials. The streamlined organisational structure will improve the efficiency of business processes and management of production flows."

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If you have any questions, please contact us:

Artem Lavrischev
Investor Relations

E: ir@metalloinvest.com

T: +7 (495) 981-55-55, ext. 7243

Anton Troshin

Public Relations

E: pr@metalloinvest.com

Tel.: +7 (495) 981-55-55, ext. 7629

Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers. Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%).