ACRA ASSIGNS еA-(RU) TO THE SERIES 001P-02 BOND ISSUE OF URALS STAMPINGS PLANT PAO

Expected credit rating rationale. The offeror of the series 001P-02 bond issue of Urals Stampings Plant PAO is Mechel PAO (hereinafter, Mechel or the Company, ACRA rating: A-(RU), outlook Negative). Due to the absence of structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. As per ACRA’s methodology, the detailed approach was used, according to which the recovery rate for the issue is category II, and therefore the expected credit rating of the issue is on par with the credit rating of Mechel PAO — A-(RU) —and is set at eA-(RU).

The credit rating of the Company is based on its strong market position and strong business profile assessment, which is determined by a high degree of vertical integration, significant share of products with high added value in the Company’s sales, as well as strong product portfolio diversification. The financial risk profile and credit rating are constrained by the still high leverage and low coverage.

KEY ISSUE PROPERTIES

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

ACRA will assign a credit rating to the series 001P-2 bond issue of Urals Stampings Plant PAO after the final documentation is provided. In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue’s credit rating against the expected credit rating.

The expected credit rating has been assigned to the series 001P-2 bond issue of Urals Stampings Plant PAO based on the following methodologies: the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale for the Russian Federation to determine the expected credit rating of the bond issue under the national scale for the Russian Federation, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, models, and key rating assumptions.

An expected credit rating of the series 001P-2 bond issue of Urals Stampings Plant PAO under the national scale for the Russian Federation has been published for the first time.

The next rating action is expected within one year.

The expected credit rating was assigned based on data provided by Mechel PAO, information from publicly available sources, and ACRA’s own databases. The rating analysis was carried out using the IFRS financial statements of Mechel PAO as of June 30, 2025.

The expected credit rating is solicited and Mechel PAO participated in its assignment.

In assigning the expected credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.

ACRA provided no additional services to Mechel PAO.

No conflicts of interest were discovered in the course of credit rating assignment.