Severstal board of directors resolutions

Severstal's Board of Directors, held on 11-12 March 2008, recommended a dividend of 4.00 rubles per share and per global depositary receipt ("GDR") for the FY 2007 with the record  date of 15 May 2008. Each GDR represents one share in the Company.

Approval of the dividend payment is expected at the company's AGM on 27 June 2008.