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WKN: A0LEJV ISIN: US8181503025 Ticker-Symbol: RTS2 
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PAO Severstal: Severstal reports Q3 2021 -3-

DJ PAO Severstal: Severstal reports Q3 2021 financial and operational results

PAO Severstal (SVST) PAO Severstal: Severstal reports Q3 2021 financial and operational results 18-Oct-2021 / 10:00 MSK Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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Severstal reports Q3 2021 financial and operational results

- EBITDA margin was 54%; EBITDA grew 5% and FCF grew 6% qoq -

Moscow, Russia - 18 October 2021 - PAO Severstal (MOEX: CHMF; LSE: SVST), one of the world's leading steel and steel-related mining companies, increased its revenue by 9% qoq to USD3,206 mln, EBITDA reached USD1,723 mln (+5% qoq), EBITDA margin amounted to 54% (-2 ppts qoq).

KEY CONSOLIDATED OPERATIONAL AND FINANCIAL RESULTS

Q3 2021 Q2 2021 qoq   9m 2021 9m 20206 yoy 
Financials, USD million 
Revenue           3,206  2,946  9%   8,371  5,147  63% 
EBITDA1           1,723  1,647  5%   4,532  1,712  165% 
EBITDA margin, %      54   56   (2ppts) 54   33    21ppts 
Free cash flow2       992   936   6%   2,425  626   287% 
Net profit         1,237  1,139  9%   3,097  630   392% 
Net debt/EBITDA3      0.29  0.37  (22%)  0.29  0.77   (62%) 
Basic EPS4, USD        1.48  1.36  9%   3.72  0.76   389% 
Production, kt 
Hot metal          2,728 2,627  4%   8,029  7,143  12% 
Crude steel         2,878 2,776  4%   8,615  8,547  1% 
Sales, kt 
Steel products, incl:    2,694  2,678  1%   8,002  8,059  (1%) 
HVA             1,146  1,308  (12%)  3,676  3,535  4% 
Iron ore products      1,092  1,310  (17%)  3,426  4,530  (24%) 
Coal            127   282   (55%)  754   1,101  (32%) 
Health and safety 
LTIFR (staff) 5       0.93  0.57  63%   0.68  0.71   (4%) 
LTIFR (staff + contractors) 0.88  0.63  40%   0.73  -    - 

Notes: 1. EBITDA represents profit from operations plus depreciation and amortisation of productive assets(including the Group's share of depreciation and amortisation of associates and joint ventures) adjusted for thegain/(loss) on disposals of PPE and intangible assets and its share in associates' and joint ventures'non-operating income/(expenses). A reconciliation of EBITDA to profit from operations is presented in Severstal'squarterly financial statements. 2. Free Cash Flow ("FCF") is determined as the aggregate amount of the following items: Net cash fromoperating activities, CAPEX, proceeds from disposal of PPE and intangible assets, interest received and dividendsreceived. A reconciliation of FCF to net cash from operating activities is presented in Severstal's quarterlyfinancial statements. 3. Net Debt/EBITDA ratio is calculated as net debt divided by EBITDA for the last 12 months and is includedin Severstal's quarterly financial statements. Net debt equals the total debt less cash and cash equivalents at theend of the reporting period. 4. Basic EPS is calculated as profit for the period divided by the weighted average number of sharesoutstanding during the period: 838 million shares for Q3 2021 and 834 million shares for Q2 2021; 833 mln sharesfor 9m 2021 and 825 million shares for 9m 2020. 5. LTIFR refers to Lost Time Injury Frequency Rate, the number of lost time injuries occurring in aworkplace per one million hours worked. The scope covers injuries and hours worked for staff and contractors, usingthe cumulative data from the beginning of the calendar year. 6. These data include adjustments made in connection with the change in presentation described inSeverstal's quarterly financial statements.

Q3 2021 vs. Q2 2021 ANALYSIS:

Consolidated operational results

-- Production: Hot metal output grew by 4% qoq to 2.73 mln tonnes due to end of scheduled BF repairs. Crudesteel production raised to 2.88 mln tonnes (+4% qoq), as a result of completed BOF shop and casting machinesupgrade. The upgrade will allow us to increase crude BOF steel output by 0.5 mln tonnes per annum.

-- Steel sales were up by 1% qoq to 2.69 mln tonnes, due to strong sales of pig iron and slabs. Sales of HVAdecreased by 12% qoq to 1.15 mln tonnes on the back of customer's expectations of further price decline. Sales ofhot-rolled steel and plate increased by 1% qoq to 1.12 mln tonnes. The total share of export sales volume,including sales of pig iron increased by 6 ppts qoq to 51% due to a softening of the demand in Russia.

-- Total share of high value-added (HVA) products amounted to 43% (-6 ppts qoq) due to softening demand andincrease of pig iron sales. If we don't take into account the increase in pig iron shipments, the HVA share in theproduct portfolio has not changed almost qoq.

-- Raw materials sales: Sales of coal decreased by 55% qoq to 0.13 mln tonnes, driven mainly by a decline insteam coal sales due lower output qoq because of long wall repositioning. Iron ore sales were down by 17% qoq to1.09 mln tonnes, driven by a redistribution of sales to Cherepovets steel mill, coupled with lower pelletproduction on the back of repairs.

Consolidated financial results

-- Revenue increased by 9% qoq to USD3,206 mln due to higher sales volumes and increase in weighted averagesteel prices. Sales growth was primarily driven by export markets with an increase of revenue from the NorthAmerica region (4x growth qoq) as well as from the Middle East region (2x growth qoq).

-- EBITDA increased to USD1,723 mln (+5% qoq), higher revenue was partially impacted by the additional exportduties imposed by the Russian government. EBITDA margin was 54% (-2 ppts qoq).

-- Free Cash Flow increased to USD992 mln (+6% qoq), driven by higher EBITDA and lower build-up of workingcapital(-USD58 mln). The build-up of inventories associated with the growth of export sales share was partially compensatedby an increase of accounts payable and advances received. CAPEX amounted to USD284 mln (+4% qoq).

9M 2021 vs. 9M 2020 ANALYSIS:

Consolidated operational results

-- Production: Hot metal production increased by 12% yoy to 8 mln tonnes, due to BF-3 commissioning inDecember 2020. Steel output grew to 8.62 mln tonnes (+1% yoy), driven by the EAF-1 start up in April 2021 andcompletion of BOF shop and casting machines upgrades.

-- Steel sales were marginally lower at 8 mln tonnes (-1% yoy). Sales of semi-finished products grew by fourtimes yoy to 1.07 mln tonnes following higher output of pig iron and crude steel, coupled with repairs in thehot-rolled shop. Sales of hot-rolled steel (incl. plates) decreased by 20% yoy mainly due to a large-scale upgradeof one of the continuous slab heating furnaces.

-- High value-added (HVA) sales increased by 4% yoy on stronger sales of high value added hot-rolled steel,cold-rolled steel (+19% yoy to 0.79 mln tonnes) and LDP (+74% to 0.23 mln tonnes). The HVA share in total salesamounted to 46% (+2 ppts yoy).

-- Raw materials sales: Sales of coal decreased by 32% yoy to 0.75 mln tonnes driven mainly by a decline incoal concentrate sales on the back of lower output impacted by the long wall repositioning. Sales of iron oreproducts decreased by 24% to 3.4 mln tonnes, driven by the redirection of iron ore flow to own assets following thestart-up of BF-3 in the end of 2020. Sales of iron ore pellets to third parties reduced by 23% yoy to 3.3 mlntonnes. Iron ore concentrate sales to third parties decrease substantially in Q3 2021, amounting to just 78 kt in9m 2021 (-58% yoy).

Consolidated financial results

-- Revenue increased to USD8,371 mln (+63% yoy) due to higher steel prices and improved product mix.

-- EBITDA grew to USD4,532 mln (2.6x yoy) due to higher steel prices in the first 9m of 2021. EBITDA marginreached a record high of 54%.

-- Net profit totaled USD3,097 mln (increase of 5x yoy), including FX losses of USD45 mln (vs FX losses of USD472in 9m 2020).

-- Free Cash Flow increased by 4x yoy to USD2,425 mln, driven by higher earnings.

-- CAPEX amounted to USD835 mln.

Financial position

-- Cash and cash equivalents decreased to USD281 mln (-64% qoq) on the back of Q2 2021 dividend payments andthe repayment of USD500 mln of eurobonds.

-- Total debt declined to USD1,815 mln (-22% qoq) due to the redemption of eurobonds with a 3.85% coupon inAugust 2021.

-- Net debt stood at USD1,534 mln (flat qoq). The Net debt/EBITDA ratio improved to 0.29 (vs 0.37 as at 30June 2021).

-- A strong liquidity position, with USD281 mln in cash and cash equivalents, in addition to unused committedcredit lines and overdraft facilities of USD1,158 mln, more than covers the Company's short-term debt of USD45 mln.

Health and safety performance

-- LTIFR among employees increased to 0.93 (+63% qoq) in Q3 2021. The overall LTIFR for employees andcontractors reached 0.88 (+40% qoq) in the reporting period.

-- In 9m 2021 LTIFR among employees improved to 0.68 (-4% yoy). The overall LTIFR for employees andcontractors was 0.73. The improvement is attributed to the deployment of the Contractor Safety Management and FatalInjury Avoidance projects in all business units of the company, but regrettably we had five fatalities in 9m 2021.Each of these cases was investigated with a change in some internal processes to prevent similar incidents in thefuture.

DIVIDEND

-- The Board of Directors is recommending a dividend of 85.93 roubles per share for Q3 2021. Approval of thedividend is expected to take place at the Company's EGM on 3 December 2021.The recommended record date for thedividend payment is 14 December 2021. The approval of the record date for the dividend payment is also expected totake place at the Company's EGM on 3 December 2021.

MARKET UPDATE AND OUTLOOK

(MORE TO FOLLOW) Dow Jones Newswires

October 18, 2021 03:00 ET (07:00 GMT)

DJ PAO Severstal: Severstal reports Q3 2021 -2-

-- Iron ore prices fell by almost USD100/t CFR China from all-time maximums due to a softening of Chinesedemand as China limits steel output. This led also to a decline in steel prices from the record level reached inQ2. The Chinese steel market is affected by steel production restrictions which is positive to price sentiment,however Chinese property market cooling creates the risk of a weakening of steel demand. At the same time thecoking coal market entered severe deficit in China and as a result domestic Chinese coal prices skyrocketed, whichalso pushed prices in the global market higher. Australian high-grade coking coal export prices have exceeded USD400/t FOB.

-- In Russia a temporary 15% export duty has caused domestic HRC price fall below export parity net ofduty.

-- The Russian authorities have confirmed a new tax mechanism which will replace export duty (a complex setof measures including introducing a new excise tax and changing the MET calculation methodology). These changeswill adversely affect Severstal's financial performance in 2022.

Alexander Shevelev, CEO of Severstal Management, commented:

"We continue to develop our response to the continuing issues with the COVID-19 pandemic. In our aim to ensure a safe environment in the workplace for our employees and contractors we continue to encourage our staff to get vaccinated. Today more than 65% of them have already been vaccinated. Also we have successfully achieved our internal target of having employees with immunity through vaccination or antibodies of more than 80% by the end of the summer thus creating a safer environment for everyone.

We also continue to focus on injury prevention. LTIFR for our staff declined in 9m 2021 by 4% to 0.68. However, the combined LTIFR for both our staff and contractors grew in Q3 2021 to 0.88 and regrettably we had two fatalities in the reporting quarter in Vorkutaugol. We conducted an investigation of each of these cases, and took actions to prevent similar incidents in the future. In particular, we strengthened control over compliance with the requirements of mine passports, as well as an intensified focus on the process of assessing and training of our operations managers in health and safety.

In Q3 2021, we saw first signs of a normalisation in the steel market. Iron ore prices fell by almost USD100/t from all-time maximums due to a decrease in the Chinese demand, as China limits steel output. In line with our expectations, spot steel prices also declined from the record level of Q2. The semi-conductor shortage pushed automotive output down in Europe which led to lower steel demand and declining lead times from steel mills, resulting in supply and demand being in balance. The introduction of export duties in Russia caused domestic HRC price to fall to a level below export parity, net of duty.

However, the growth in sales coupled with higher average selling prices (due to the lag between spot prices and actual prices) pushed the Company's financial results to new records. Revenue grew by 9% qoq to USD3.2bn and EBITDA rose by 5% to USD1.7bn. Continuous focus on effective management of working capital enabled us to reach a record FCF of almost USD1bn (+6% qoq). Net debt/EBITDA ratio declined to 0.29.

Severstal's strong performance in Q3 2021 and financial strength of the company help the Board to recommend a dividend of 85.93 roubles per share for Q3 2021."

SEGMENTS PERFORMANCE

Severstal Russian Steel (RSD)

USD million, unless otherwise stated Q3 2021 Q2 2021 qoq   9m 2021 9m 20201 yoy 
Steel sales, kt          2,704  2,691  0%    8,037  8,093  (1%) 
Semis               489   317   54%   1,065  261   308% 
Commercial             1,067  1,066  0%    3,294  4,294  (23%) 
HVA                1,148  1,308  (12%)  3,678  3,538  4% 
Revenue              3,098  2,759  12%   8,011  5,137  56% 
EBITDA               1,069  1,021  5%    2,779  1,133  145% 
EBITDA margin, %          35   37   (2 ppts) 35   22    13 ppts 

Notes: 1. These data include adjustments made in connection with the change in presentation described inSeverstal's quarterly financial statements.

-- Steel sales are almost flat. The Company increased its export sales share to 51% (+6 ppts qoq) owing tothe decline in steel demand in Russia.

-- Total share of high value-added (HVA) products amounted to 42%.

-- Revenue increased by 12% qoq to USD3,098 mln.

-- EBITDA grew by 5% qoq to USD1,069 mln. EBITDA margin declined to 35% (-2 ppts qoq) on narrowing pricespreads between slabs and raw material basket.

-- The total non-integrated cash cost of slab per tonne at the Cherepovets Steel Mill increased to USD505/t(+11% qoq) affected mainly by higher coal costs. The integrated cash cost of slab amounted to USD225/t (+29% qoq).

Severstal Resources

USD million, unless otherwise stated Q3 2021 Q2 2021 qoq  9m 2021 9m 2020 yoy 
?oal sales, kt           810   1,149  (30%) 3,257  4,331  (25%) 
Iron ore sales, kt         4,560  4,659  (2%)  13,361 13,445 (1%) 
Revenue              1,016  999   2%   2,762  1,275  117% 
EBITDA               761   733   4%   2,019  614   229% 
EBITDA margin, %          75   73   2 ppts 73   48   25 ppts 

-- Coal sales decreased by 30% qoq to 0.8 mln tonnes mainly as a result of steam coal sales reduction.

-- Sales of iron ore were down by 2% qoq to 4.6 mln tonnes due to the acceleration of pellet sales to thirdparties and concentrate within Severstal.

-- Revenue from the Resources Division reached USD1,016 mln (+2% qoq). EBITDA increased by 4% qoq to USD761 mln.EBITDA margin increased to 75%.

-- At Vorkutaugol, the cash cost of coal concentrate per tonne amounted to USD102/t (+13% qoq). The cash costof iron ore pellets per tonne at Karelsky Okatysh increased to USD34/t (+3% qoq). At Olcon, the cash cost per tonneof iron ore concentrate grew to USD28/t (+4% qoq).

NOTES 1. Full consolidated interim condensed financial statements are available at http://www.severstal.com/eng/ir/results_and_reports/financial_results/index.phtml. This includes the review report from KPMG, Severstal's externalauditor, carried out in accordance with International Standard on Review Engagements 2410. 2. Severstal's Annual Report 2020 is available at http://www.severstal.com/eng/ir/results_and_reports/annual_reports/index.phtml 3. Each of the directors who is a director at the date of the approval of this document confirms that to thebest of their knowledge: that the consolidated interim condensed financial statements has been prepared inaccordance with IAS34; that the consolidated interim condensed financial statements give a true and fair view ofSeverstal's assets, liabilities, financial position and profit or loss; and that this document contains a fairreview of important events that have occurred during the first nine months of the year and their impact on theconsolidated interim condensed financial statements; and of the principal risks and uncertainties for the remainingthree months of the year; and that the report contains a fair review of related party transactions.

A conference call on Q3 2021 and 9m 2021 results for investors and analysts hosted by Alexey Kulichenko, Chief Financial Officer, will be held on 18 October 2021 at 12.00 (London)/ 14.00 (Moscow).

To join the webcast (with registration form) please follow the link:

https://mm.closir.com/slides?id=314887

*We recommend that participants start dialling in 10 minutes prior to ensure a timely start of the conference call.

To join the conference call, please dial:

United Kingdom Number: +44 203 984 9844 (local access) +44 800 011 9129 (toll free)

US Number: +1 718 866 4614 (local access) +1 888 686 3653 (toll free)

Russian Dial: +7 495 283 98 58 (local access)

Participant code: 314887

ANNEX

1. Consolidates sales by product

Sales volumes 
                   Q3 2021 Q2 2021 qoq  9m 2021 9m 20201 yoy 
Kt 
Coal:                 127  282   (55%) 754   1,101  (32%) 
Coking coal concentrate        39   38   3%   112   215   (48%) 
Steam coal              88   244   (64%) 642   886   (28%) 
Iron ore:               1,092 1,310  (17%) 3,426  4,530  (24%) 
Iron ore pellets           1,061 1,309  (19%) 3,348  4,343  (23%) 
Iron ore concentrate         31   1    n/a  78   187   (58%) 
Steel:                2,694 2,678  1%   8,002  8,059  (1%) 
Semi-finished products        489  317   54%  1,065  260   310% 
Hot-rolled steel:           1,115 1,102  1%   3,408  4,251  (20%) 
  incl. Hot-rolled high value added 227   211   8%  638   531   20% 
Cold-rolled steel           248  280   (11%) 785   661   19% 
Galvanized steel           216  255   (15%) 746   690   8% 
Colour coated coil          86   119   (28%) 288   373   (23%) 
Long steel              171  162   6%   491   544   (10%) 
Metalware               139  175   (21%) 456   426   7% 
Large diameter pipes         90   75   20%  225   129   74% 
Other tubes, pipes, formed shapes   135  193   (30%) 533   725   (26%) 
Steel solutions            5   -    n/a  5    -    n/a 

(MORE TO FOLLOW) Dow Jones Newswires

October 18, 2021 03:00 ET (07:00 GMT)

DJ PAO Severstal: Severstal reports Q3 2021 -3-

2. Russian Steel Division sales by product

Sales volumes 
                  Q3 2021 Q2 2021 qoq  9m 2021 9m 20201 Yoy 
Kt 
Total steel products         2,704  2,691 0%   8,037  8,093  (1%) 
Semi-finished products        489   317  54%  1,065  261   308% 
Hot-rolled steel:          1,115  1,101 1%   3,408  4,252  (20%) 
 incl. Hot-rolled high value added 229   209  10%  638   531   20% 
Cold-rolled coil           248   280  (11%) 785   661   19% 
Galvanized and metallic coated coil 216   255  (15%) 746   690   8% 
Colour coated coil          86   119  (28%) 288   373   (23%) 
Long products            181   174  4%   524   573   (9%) 
Metalware products          139   176  (21%) 458   429   7% 
Large diameter pipes         90   75   20%  225   129   74% 
Other tubes, pipes, formed shapes  135   194  (30%) 533   725   (26%) 
Steel solutions           5    -   n/a  5    -    n/a 

3. Russian Steel Division sales by destination

Sales volumes 
           Q3 2021 Q2 2021 qoq  9m 2021 9m 20201 Yoy 
Kt 
Total steel products  2,704 2,691  0%   8,037  8,093  (1%) 
Russia         1,313 1,482  (11%) 4,051  4,837  (16%) 
Export         1,391 1,209  15%  3,986  3,256  22% 1. These data include adjustments made in connection with the change in presentation described inSeverstal's quarterly financial statements 

4. Russian Steel Division average prices

Sales price, USD/tonne        Q3 2021 Q2 2021 qoq 9m 2021 9m 20201 Yoy 
Semi-finished products        646  624   4%  611   373   64% 
Hot-rolled steel           1,009 846   19% 823   446   85% 
incl. Hot-rolled high value added  1,035 789   31% 828  574   44% 
Cold-rolled coil           1,155 1,001  15% 968   536   81% 
Galvanized and metallic coated coil 1,449 1,213  19% 1,148  639   80% 
Colour coated coil          1,599 1,427  12% 1,389  789   76% 
Long products            754  673   12% 664   419   58% 
Metalware products          1,491 1,097  36% 1,205  852   41% 
Large diameter pipes         822  752   9%  770   811   (5%) 
Other tubes, pipes, formed shapes  986  941   5%  867   492   76% 
Steel solutions           1,517  n/a   n/a 1,517  n/a   n/a 
Weighted average selling price    1,012 906   12% 873   513   70% 1. These data include adjustments made in connection with the change in presentation described inSeverstal's quarterly financial statements 

5. Resource Division sales

Kt            Q3 2021 Q2 2021 qoq  9m 2021 9m 2020 yoy 
Coal           810  1,149  (30%) 3,257  4,331 (25%) 
Coking coal concentrate  722  905   (20%) 2,615  3,445 (24%) 
Steam coal        88   244   (64%) 642   886  (28%) 
Iron ore         4,560 4,659  (2%)  13,361 13,445 (1%) 
Iron ore pellets     2,847 3,001  (5%)  8,493  8,112 5% 
Iron ore concentrate   1,713 1,658  3%   4,868  5,333 (9%) 

6. Vorkutaugol operating highlights

Kt               Q3 2021 Q2 2021 qoq  9m 2021 9m 2020 yoy 
Run of mine: coal production, 1,696  2,047  (17%) 6,037  7,806  (23%) 
Coking coal concentrate sales 722   905   (20%) 2,615  3,445 (24%) 
Internal consumption      683   867   (21%) 2,503  3,229 (22%) 
Third party          39   38   3%  112   216  (48%) 

7. Karelsky Okatysh iron ore pellets production and sales volumes

Kt          Q3 2021 Q2 2021 qoq  9m 2021 9m 2020 yoy 
Production      2,849  2,916  (2%) 8,616  8,022 7% 
Pellets sales     2,847  3,001  (5%) 8,493  8,112 5% 
Internal consumption 2,328  2,238  4%  6,859  8,078 (15%) 
Third party      519   763   (32%) 1,634  34   n/a 

8. Iron ore concentrate sales volumes

Kt        Q3 2021 Q2 2021 qoq 9m 2021 9m 2020 yoy 
Olcon       1,073  1,088  (1%) 3,157  3,287 (4%) 
Yakovlevskiy   627   570   10% 1,698  1,315 29% 
Karelsky Okatysh 13   0    n/a 13    731  (98%) 
Total       1,713  1,658  3%  4,868  5,333 (9%) 

For further information, please contact:

Severstal Investor Relations

Vladimir Zaluzhsky, Nikita Klimantov

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

vladimir.zaluzhsky@severstal.com

na.klimantov@severstal.com

Severstal Public Relations

Anastasia Mishanina

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

anastasia.mishanina@severstal.com

Severstal's financial communications agent - Hudson Sandler

Andrew Leach / Emily Dillon

T: +44 (0) 20 7796 4133

***

P?? Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, Latvia and Poland. Severstal is listed on MOEX and the company's GDRs are traded on the LSE. Severstal reported revenue of USD6,870 mln and EBITDA of USD2,422 mln in 2020. Severstal's crude steel production in 2020 reached 11.3 mln tonnes. www.severstal.com

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ISIN:      US8181503025 
Category Code: QRT 
TIDM:      SVST 
LEI Code:    213800OKDPTV6K4ONO53 
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State 
Sequence No.:  124519 
EQS News ID:  1241309 
 
End of Announcement EQS News Service 
=------------------------------------------------------------------------------------
 

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1241309&application_name=news

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