OAO Severstal has been advised by its subsidiary, Lybica Holding BV that in connection with the exchange by Lybica of the global depositary receipts representing shares of its subsidiary, Nord Gold NV for Severstal shares and Severstal GDRs to facilitate participation in the Exchange by investors who purchased Severstal shares or Severstal GDRs from and including 25 November 2011 to and including 29 November 2011, Lybica intends to:

1. Treat such Severstal GDR holders as eligible to participate in the Exchange with respect to the number of Severstal GDRs acquired during the Pre-Announcement Period provided the relevant trades settled on or prior to 2 December 2011 (correspondingly, the sellers of such Severstal GDRs will not be treated as eligible with respect to the number of Severstal GDRs sold during the Pre-Announcement Period)

2. Treat such Severstal shareholders as eligible to participate in the Exchange with respect to the number of Severstal shares acquired during the Pre-Announcement Period provided their holdings are recorded at any time during the period from the close of trading on 29 November 2011 to and including 2 December 2011 (correspondingly, the sellers of such Severstal shares will not be treated as eligible with respect to the number of Severstal shares sold during the Pre-Announcement Period).