Board of Severstal recommends dividend payments for 12 months ended 31 December 2010

The Board of ОАО Severstal (“Severstal”) (LSE: SVST; RT CHMF), one of the world’s leading integrated steel and mining companies, is recommending a dividend of 2.42 rubles (approximately $0.08) per share for the twelve months to 31 December 2010.

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.

The Board of Directors agreed that the Company's AGM will be held at 41 Mateallurgists Palace, Stalevarov street, Cherepovets, Vologda Region, Russia. Registration for the AGM will start at 12.00 a.m. (MT).The AGM will start at 13.00 p.m. (MT). The record date for AGM is 22 May 2011