EVRAZ plc (the 'Company') announces that it is unable to publish or make available its annual report and audited financial statements for the financial year ended 31 December 2022 (the 'Annual Report'), as required by the UK Disclosure Guidance and Transparency Rules, the UK Listing Rules and the Companies Act 2006 (the 'Act').

Since the imposition of sanctions by the UK government on the Company and the resignation of the Company's previous auditor in November 2022, the Company has been unable to appoint a successor auditor despite using its best efforts and exhausting all options to engage an auditor, which included making repeated requests to the Secretary of State to exercise the relevant statutory powers under the Act to appoint an auditor. The Company is therefore unable to publish or make available the Annual Report and audited financial statements.

In addition, the Company's board of directors (the 'Board') has considered and reviewed the unaudited consolidated financial statements of the Company for the financial year ended 31 December 2022, which have been prepared by the Company's management. The Board has also considered whether to publish and make available these unaudited financial statements given the preparation and publication of the Annual Report containing audited financial statements has been frustrated by the inability to engage an auditor.

However, after careful consideration and pursuant to Section 393(1) of the Act whereby the directors of a company must not approve accounts unless they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss, the Board has concluded that, without an auditor having undertaken an audit of, and without any guidance from an auditor in preparing, these financial statements, it is unable to form the view that they are satisfied that these unaudited financial statements give a true and fair view of the Company's assets, liabilities and financial position or that they have been prepared in accordance with the applicable set of accounting standards. As such, the Board is prohibited by the Act from approving these unaudited financial statements, and therefore, the Company does not intend to publish or make available these unaudited financial statements.

In light of the legal and practical effects that the imposition of sanctions is having on the Company, the Board remains open and committed to complying with its statutory obligations and working with the UK government to find a solution to the difficult and extraordinary circumstances in which the Company is operating.

Contact:

T: +7 495 363 19 63

E: info@evraz.com

(C) 2023 Electronic News Publishing, source ENP Newswire