MMK comments on the Council Implementing Regulation (EU) 2022/427 and Council Decision (CFSP) 2022/429 of 15 march 2022

PJSC Magnitogorsk Iron & Steel Works ("MMK", "the Group") (MOEX: MAGN; LSE: MMK) notifies that on 15 March 2022 the European Council published the fourth package of economic and individual sanctions against the Russian Federation, including Viktor Rashnikov, Chairman of the Board of Directors and controlling shareholder of MMK.

We consider the sanctions against Viktor F. Rashnikov to be groundless and unfair.

MMK is reviewing the decision taken by the European authorities and assessing possible impact of sanctions on its business. MMK is one of the world's largest steelmakers, characterized by high production efficiency, low debt burden and stable financial position.