In Russia, Severstal shares are traded on the RTS and on MICEX stock exchanges. Overseas, they are circulated in the form of depositary receipts, on the London Stock Exchange and through the PORTAL trading system in the US.

Severstal shares/GDRs at stock exchanges

Stock Exchange	Ticker
MICEX, Moscow	CHMF
RTS, Moscow	CHMF
LSE, London	SVST

According to the consensus of sector analysts, Severstal shares (GDRs) remained solid potential for growth at the beginning of 2011. Severstal's GDR price reached $16.85 at the end of 2010, 67% higher than at the beginning of 2010. Market capitalisation grew to US$17.0 billion at 31 December 2010. Severstal shares and GDR turnover increased significantly in 2010: GDR turnover grew more than 170% in US$ at LSE, and Severstal shares turnover increased by more than
169% in RUB at MICEX and approximately 250% in US$ at RTS.

Severstal’s stocks make part of major indices at the stock exchanges where the company is listed. For instance, Severstal is a solid part of MSCI Russia and FTSE Russia IOB at LSE and a sizeable contributor to the MICEX and RTS indices in Russia.

Severstal share/GDR performance in 2009-2010

London Stock Exchange	2010	2009
Maximum (closing price), US$	17.07	9.50
Minimum (closing price), US$	9.35	2.21
At year begining	10.12	2.99
At year end	16.85	9.50
Change, %	67%	218%
Number of trades	184,970	150,160
Turnover, US$ mln	6,373	2,360

GDR price at LSE in 2010

Severstal contribution to key indices

Index	Weight*
RTS	1.53%
MICEX	3.11%
MSCI Russia	1.36%
FTSE Russia IOB	1.71%

_{* At the end of 2010
Source: Bloomberg, 2011.}

Share price at MICEX in 2010

MICEX	2010	2009
Maximum (closing price), Roubles	519.21	259.76
Minimum (closing price), Roubles	294.85	73.85
At year begining	303.60	87.57
At year end	518.19	253.25
Change, %	71%	189%
Number of trades	3,146,148	1,609,041
Turnover, million Roubles	202,730	75,497

Share Price at RTS in 2010

RTS	2010	2009
Maximum (closing price), US$	17.10	8.80
Minimum (closing price), US$	9.65	2.40
At year begining	10.00	2.55
At year end	17.10	8.44
Change, %	71%	231%
Number of trades	614	222
Turnover, US$ million	21	6

Credit ratings

Severstal has a clear corporate credit profile and aims to make its position transparent to the market. Significant book oversubscription and interest levels, that were at a historic low for the recent public debt issuances, resulted in a high acceptance and demonstrated confidence from investors. Our credit ratings issued by international rating agencies reflect the ongoing improvements. The company maintains mandated credit ratings by Moody’s and S&P. The specific role of rating agencies creates a time lag between an improved profile and any positive impact on the rating. Nevertheless 2010 brought a moderate improvement from post-crisis downgrades in year 2009: in October 2010, S&P revised the outlook to Stable. On the back of the resolution of outstanding issues and a generally better business environment for Severstal’s market activities, we expect further improvements in the next 12 months. The company has developed sound relations with the agencies, achieved a good understanding and is well on track to strengthen its ratings in the future.

OAO Severstal	Moody’s	Standard&Poor’s
Credit Rating (Long Term, Foreign Currency)	Ba3 / Negative	BB- / Stable
Latest Rating action	27 May 2009	17 February 2011

Dividends

The company’s dividend policy is stated at the corporate website and is available at: http://www.severstal.com/eng/ir/shareholder_services/dividends/

In 2010, following the decision of the Severstal EGM held on December 20, 2010, OAO Severstal paid out a dividend of 4.29 roubles (which is approximately $0.14) per share for the 9 months of 2010. This represents a pay-out ratio of 25% of net profits for the second and third quarters of 2010.

On March 1, 2011 the Board of Directors also recommended a dividend of 2.42 roubles (approximately $0.08) per share for the year ended 31 December 2010. This represents approximately 25% of Q4 2010 net profit of continued operations. Approval of the dividend is expected at the Company’s AGM which will take place on 27 June 2011. The record date is 22 May 2011.

2011 Financial Calendar

Date*	Event
10 February 2011	Full year 2010 Operational results
3 March 2011	Full year 2010 IFRS financial statements
28 April 2011	Q1 2011 Operational results
17 May 2011	Q1 2011 IFRS financial statements
27 June 2011	Shareholders’ Annual General Meeting
July 2011	H1 & Q2 2011 Operational results
August 2011	H1 2011 IFRS financial statements
October 2011	9M & Q3 2011 Operational results
Q4 2011	Severstal North America analysts site visit
6 - 7 November 2011	5-year Anniversary of listing at London Stock Exchange. Investor meetings in London
December 2011	Q3 2011 IFRS financial statements

_{*Starting from May 2011 the dates are preliminary and may be subject to change.}