Statement by "Severstal " and Tenaris regarding a joint venture for the production of welded pipes in Surgut

Regarding the joint venture, the creation of which was announced in February 2019, Severstal and Tearis report the following: despite the fact that the parties retain a strategic interest in the implementation of the project to build a welded pipe plant in Surgut, they decided to suspend construction works, for the period required to assess the impact on the project of changes in the relevant markets and in the competitive environment, and determine the need to make appropriate adjustments or changes.