Novolipetsk Steel announced the results of the meetings held on 9 September 2022 (the "Original Meetings") for each of the outstanding U.S.D 700,000,000 4.5%. loan participation notes due 2023 ("2023 Notes") and EUR 500,000,000 1.45%. loan participation notes due 2026 ("2026 EUR Notes", together with 2023 Notes, the "Notes") issued by Steel Funding D.A.C. (the "Issuer") for the sole purpose of financing a loan to the Borrower.

Capitalised terms used in this announcement but not defined herein have the meanings given to them in the Consent Solicitation Memorandum for the 2023 Notes and the Consent Solicitation Memorandum for the 2026 EUR Notes dated 12 August 2022 (as amended from time to time). 2023 Notes: By passing the Amendment Extraordinary Resolution, the holders of the 2023 Notes approved the Amendment Documents relating to 2023 Notes, including, modifications to the Trust Deed, the Conditions, the Paying Agency Agreement, the Loan Agreement and Global Certificates. By passing the Waiver Extraordinary Resolution, the holders of the 2023 Notes approved a waiver of any breaches by the Issuer and NLMK resulting from the non-payment of interest on the 2023 Notes and the corresponding amount of interest under the Loan Agreement until 31 December 2022 (inclusive).

Adjourned Meeting in respect of 2026 EUR Notes: On 12 September 2022 Steel Funding D.A.C. published a notice of adjourned meeting in respect of 2026 EUR Notes (the "Adjourned Meeting"). Indicative Timing for the 2026 EUR Notes Adjourned Meeting: Voting deadline - 11.00 a.m. (London time) on 24 September 2022. Voting Instructions given for the relevant Original Meeting remain valid for the Adjourned Meeting.

Adjourned Meeting date - 11.00 a.m. (London time) on 26 September 2022. Announcement of the results - as soon as reasonably practicable after the Adjourned Meeting. Agenda: The agenda of the Adjourned Meeting is the same as that of the Original Meeting in respect of 2026 EUR Notes.

The Noteholders are invited to consider and, if thought fit, give their Consent to the Amendments and the Waiver (the "Proposals" and each, a "Proposal").