Moody's upgrades Metalloinvest rating to Investment Grade

Moscow, Russia - 1 October 2021 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, today announces that Moody's Investors Service ("Moody's") has upgraded Metalloinvest rating to 'Baa3' with a stable outlook.

According to Moody's statement, the rating upgrade reflects the Company's unique vertically integrated business model, its track record of deleveraging, as well as amendments to the Company's corporate structure and its status as the largest merchant HBI producer in the world with one of the lowest cash costs in the sector and a stellar reserve base.

In line with its methodology, Moody's upgraded to 'Baa3'/stable from 'Ba1'/stable the rating of the backed senior unsecured debts issued by Metalloinvest Finance D.A.C., a wholly-owned indirect subsidiary of Metalloinvest.

Denis Perevezentsev, a Vice President-Senior Credit Officer at Moody's, commented:

"The upgrade reflects Metalloinvest's unique positioning as a vertically integrated mining and steel company with substantial share of value-added products (HBI, DRI, pellets, high quality steel), abundant reserve base, strong cash flow generation, track record of deleveraging and our expectation that the company will maintain modest leverage under various iron ore and steel price scenarios."

Alexey Voronov, Deputy CEO - Chief Financial Officer of Metalloinvest, commented:

"Positive rating action reflects undeniable improvements in the Company's credit merics due to its strong financial and operational results and a track record of adhering to its financial policy and sound debt management approach.

"With upgrades of credit ratings from all major international credit agencies to Investment Grade, achieved in the last 3 months, Metalloinvest celebrates 10 years of presence in international debt capital markets and aims to further improve its credit profile."

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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 metals and mining company with the second-largest proven iron ore reserves on a JORC-equivalent basis
(13.8 billion tonnes and about 136 years of reserve life). The company is the world's largest producer and supplier of merchant hot briquetted iron (HBI) products, a low-carbon raw material used to produce green steel; Metalloinvest holds a leading position in the production of pellets, iron ore concentrate and high-quality steel.

In H1 2021, revenue amounted to USD 5.1 bn; EBITDA - USD 2.9 bn. The company has 10+ years track record on public debt capital markets with high credit ratings: S&P (BBB-/ stable), Fitch (BBB-/stable), Moody's (Baa3/stable), АCRА (AA+(RU)/positive).

Alisher Usmanov is the main beneficiary of the company (with a 49% stake) through Holding Company USM LLC.

Ticker (Bloomberg): METIN RU; official website: www.metalloinvest.com