EURONEXT DUBLIN ANNOUNCEMENT

Metinvest B.V.

Senior Notes due 2021

Unrestricted Notes: ISIN: XS1571247490, Common Code: 157124749

Restricted Notes: ISIN: XS1571247656, Common Code: 157124765

 Senior Notes due 2023

Regulation S Notes: ISIN: XS1806400534, Common Code: 180640053

Rule 144A Notes: ISIN: US591555AD93, CUSIP: 591555 AD9

Senior Notes due 2026

 Regulation S Notes: ISIN: XS1806400708, Common Code: 180640070

Rule 144A Notes: ISIN: US591555AE76, CUSIP: 591555 AE7

METINVEST ASSESSES MINERAL RESOURCES AND

ORE RESERVES IN ACCORDANCE WITH JORC CODE

18 September 2019 - Metinvest, the vertically integrated group of steel and mining companies (jointly referred to as "Metinvest" or "the Group"), has assessed its Mineral Resources and Ore Reserves in accordance with the terms and definitions of the JORC Code[1]. The Group appointed SRK Consulting (UK) Limited ("SRK") to prepare Mineral Resource and Ore Reserve statements as at 31 December 2018 ("the 2018 Statements") for its Ukrainian iron ore mining assets Central GOK, Northern GOK and Ingulets GOK.

As at 31 December 2018[2], the statements reported (on an aggregated and not attributable basis):

•      Total Ore Reserves of 2,295.9 million tonnes grading 34.2% FeT (total iron) and 25.3% FeM (magnetic iron);

•      Total Mineral Resources[3] of 10,163.4 million tonnes grading 35.2% FeT and 26.2% FeM of which 6,169.2Mt grading 34.6FeT and 25.6%FeM are classified as Measured and Indicated Mineral Resources.

According to the statement, as at 31 December 2018 and current production volumes, Metinvest has sufficient iron Ore Reserves to continue maintain operations for more than 25 years. The updated statements reflect the Group's continued successful focus on exploration activities and completion of technical studies to secure the Group's long-term production profile support the sustainable supply of iron ore for internal and external sales.

Metinvest believes that its high level of self-sufficiency in its key raw material, iron ore, is a significant contributor to its overall sustainability. The current statement of iron ore Mineral Resources and Ore Reserves serves as confirmation of the Group's underlying value and sustainability. Overall, since 2014 Metinvest has invested more than US$1,215 million in Central GOK, Northern GOK and Ingulets GOK to maintain operations, explore ore deposits, upgrade production facilities to improve output quality, and to manage environmental impacts.

Commenting on the news, Yuriy Ryzhenkov, Chief Executive Officer of Metinvest, said: "This Mineral Resource and Ore Reserve update marks a further significant milestone for the Group, and reflects the Company's continued commitment to corporate governance and regular reporting in accordance with good international industry practice and recognised mining and metals sector benchmarks such as the JORC Code. Most importantly, it underscores Metinvest's fundamental value and commitment to the sustainable development of its iron ore assets over the long term."

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For further information, please visit www.metinvestholding.com

Yana Kalmykova

Head of Investor Relations

Tel: +380 44 251 83 36 (Ukraine)

yana.kalmykova@metinvestholding.com

Andrey Makar

Manager of Corporate Finance

Tel: +380 44 251 83 37 (Ukraine)

andrey.makar@metinvestholding.com

METINVEST GROUP is a vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It comprises steel and mining production facilities located in Ukraine, Europe and the US, as well as a sales network covering all key global markets. Metinvest Group's business is divided for financial reporting purposes into two segments: Metallurgical and Mining. Its strategic vision is to become a leading vertically integrated steel producer in Europe, delivering sustainable growth and profitability resilient to business cycles and providing investors with returns above the industry benchmarks. For the six months ended 30 June 2019, Metinvest Group reported revenues of US$5.8 bn and an EBITDA margin of 15%.

METINVEST HOLDING LLC is the management company of Metinvest Group.