Russian steel maker Severstal has announced its intention to cancel the listing of Global Depositary Receipts on the London Stock Exchange. Severstal has sent a request to the Financial Conduct Authority and the London Stock Exchange to cancel the listing of global depositary receipts issued in accordance with Regulation S and Rule 144A and representing Severstal's ordinary shares on the Official List of the FCA, as well as the request to cancel the admission of GDRs to trading on the Main Market of the LSE.Severstal also notified Citibank of the termination of the GDR Program and instructed Citibank to terminate the Depository Agreements as from the date no later than 31 August 2022 by sending a notice of termination to the holders of the GDRs in accordance with the Depository Agreements and to take the necessary actions pursuant to the Depository Agreements in connection with such termination.Severstal said “The decision to cancel the listing of the GDRs and to terminate the GDR Program was driven by the introduction of a number of sanctions restrictions against PAO Severstal, due to which the maintenance of the Severstal GDR Program in accordance with the Depository Agreements, as well as regular trading operations with the Severstal GDRs are no longer possible.”Severstal expects that the cancellation of listing will take effect on the 21st business day from the date of this notification.Severstal is a vertically integrated steel and steel-related mining company, working with customers and partners to create new products and integrated solutions from steel. The company's production facilities are located in Russia. Severstal is listed on MOEX and on the LSE. Severstal reported revenue of USD 11.6 billion and EBITDA of USD 6 billion in 2021. Severstal’s crude steel production in 2021 reached 11.6 million tonnes.