Record Date Clarification

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES OR ITALY

OAO Severstal Announces Record Date Clarification

OAO Severstal ("Severstal") has been advised by its subsidiary, Lybica Holding B.V. ("Lybica"), that in connection with the exchange by Lybica of the global depositary receipts ("GDRs") representing shares of its subsidiary, Nord Gold N.V. ("Nordgold"), for Severstal shares and Severstal GDRs (the "Exchange") 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 (the "Pre-Announcement Period"), Lybica intends to:

·; 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); and

·; 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).

Lybica intends to issue an addendum to the Exchange document in connection with the above. The addendum and the Exchange document will be made available to qualifying shareholders in Russia through CJSC Invest-Telecom, exchange@invest-telecom.ru, 3rd floor, 21, entrance 3, Trubnaya Street, Moscow 127051, Russia, and to GDRs holders through Deutsche Bank, tss-gds.row@db.com, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom.

Enquires :-

Severstal Investor Relations

Vladimir Zaluzhsky

T: +7 (495) 926-77-66

vladimir.zaluzhsky@severstal.com

Severstal's international media communications agent - Hudson Sandler

Andrew Hayes / Andrew Leach / Maria Ignatova / Alex Brennan

T: +44 (0) 20 7796 4133

Severstal's shareholders' information agent - FTI Consulting

Holborn Gate, 26 Southampton Buildings

London, WC2A 1PB

+44 (0) 20 7269 7263

Shareholder Hotline

8 800 100 5506 in Moscow (for Russian speakers)

+44 (0) 800 055 6507 in London (for English speakers)

Nothing in this document constitutes an advertisement or offer or an invitation to make offers or to purchase, any securities in any jurisdiction.

The securities to which this announcement relates (other than Severstal shares) have not been and will not be registered in the Russian Federation or admitted to public placement and/or public circulation in the Russian Federation and may not be offered or sold in the Russian Federation except as provided by Russian law.

The information contained herein is not for release, publication or distribution in whole or in part in or into the United States. This announcement does not contain or constitute or form part of an offer or invitation to sell shares or GDRs in Severstal, or any solicitation of any offer to purchase or subscribe for shares or GDRs in Nordgold or any other securities, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefor. In particular, this announcement does not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

Citigroup Global Markets Limited and Deutsche Bank AG, acting through its London branch, both of which are authorised and regulated in the United Kingdom by the Financial Services Authority, are acting exclusively for Lybica and Severstal and no-one else in connection with the transactions described in this announcement. They will not regard any other person as their respective clients in relation to the transactions described in this announcement and will not be responsible to anyone other than Lybica and Severstal for providing the protections afforded to their respective clients, nor for providing advice in relation to the transactions described in this announcement, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect either Severstal, Lybica or Nordgold's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the group's business, results of operations, financial position, liquidity, prospects, growth and strategies. Forward-looking statements speak only as of the date they are made.