Corporate Presentation

January 2012

1

This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or

acquire securities of EVRAZ plc (“EVRAZ”) or any of its subsidiaries in any jurisdiction (including, without limitation, EVRAZ Group S.A.) (collectively,

the “Group”) or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of,

or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking,

express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or

the opinions contained herein. None of EVRAZ or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence

or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document.

This document contains “forward-looking statements”, which include all statements other than statements of historical facts, including, without

limitation, any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”,

“anticipates”, “would”, “could” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks,

uncertainties and other important factors beyond EVRAZ‟s control that could cause the actual results, performance or achievements of EVRAZ to

be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others,

the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability

to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment,

volatility in stock markets or in the price of the Group‟s shares or GDRs, financial risk management and the impact of general business and global

economic conditions.

Such forward-looking statements are based on numerous assumptions regarding EVRAZ‟s present and future business strategies and the

environment in which the Group will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they

relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the

date as of which they are made, and EVRAZ expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any

forward-looking statements contained herein to reflect any change in EVRAZ‟s expectations with regard thereto or any change in events, conditions

or circumstances on which any such statements are based.

Neither EVRAZ, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of

the forward-looking statements contained in this document.

The information contained in this document is provided as at the date of this document and is subject to change without notice.

Disclaimer

EVRAZ in Brief

◦ One of the largest vertically integrated steel and mining companies in the world

◦ Leader in the Russian and CIS construction and railway products markets

◦ A lead player in the European and North American plate and large diameter pipe markets

◦ One of the world’s lowest cost steel producers due to production efficiency and high level of vertical integration

◦ One of the leading producers in the global vanadium market

◦ In 2011, EVRAZ produced 16.8 million tonnes of crude steel and 15.2 million tonnes of steel products

◦ 2010 consolidated revenue amounted to US$13.4 billion; EBITDA was US$2.4 billion

◦ GDRs listed on London Stock Exchange since June 2005, shares listed in the Premium segment of the LSE since 7 November 2011

◦ EVRAZ is a FTSE 100 company and the only steel stock in UK FTSE All-Share Index

2

Recent Developments and Outlook

◦ Positive dynamics in export prices at the beginning of

2012 will have limited effect on Q1 2012 results as we

are currently selling early March export volumes

◦ Recent pricing for long products outperforms flat

◦ Visibility in the Russian market is still low after New Year

holiday season, though retail steel prices in Russia are

slightly growing

◦ Vertical integration model helps mitigate the effects of

raw materials prices volatility

◦ Current steelmaking capacity utilisation:

◦ Russia – 100%

◦ Ukraine – 100%

◦ Czech Republic – 60%

◦ North America – 100%

◦ South Africa – 100%

◦ EVRAZ order book (external sales) currently stands at

approx. US$250 mln representing 1.2 months‟

production

EVRAZ Selling Prices US$/t

Raw Material Prices (Domestic Markets)

400

600

800

1,000

1,200

Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12

Source: Company data

Source: Metall Expert

Recent Market Developments Update

Slabs, Russia, export (1)

Billets, Russia, export (1) Rebars, Russia, FCA

Plate, North America, FCA

4

(1) Weighted average contract prices

US$/t

0

100

200

300

400

500

Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12

Scrap, Russia, CPT Scrap, USA, CPT

Iron ore concentrate, Russia, ExW Coking coal concentrate, Russia, FCA

4,9605,396 5,436 5,379

Q1 Q2 Q3 Q4

(1) Net of re-rolled volumes

(2) Calculated as 40% of total Raspadskaya production

2011 Quarterly Production Volumes

Iron Ore (Saleable Products) „000 tonnes

Coal (Mined) „000 tonnes

Vanadium tonnes

5

Steel Products(1) „000 tonnes

Railway

Construction

Semi-Finished

Flat Rolled Products

Other, incl. tubular

3,974 3,780 3,697 3,783

Q1 Q2 Q3 Q4

Q4 to Q3 comparison:

◦ Production of steel and steel products increased by 3% following completion of scheduled maintenance

◦ Share of semi-finished steel grew due to seasonally lower demand for finished goods in Russia

◦ Coking coal production recovered after negative factors of the first three quarters were resolved

◦ Prices for steel products and coking coal declined reflecting negative seasonality and market volatility

3,261 3,197

2,611 2,699

Q1 Q2 Q3 Q4

Coking

Steam Raspadskaya (2)

4,936 5,222 4,804 5,780

4,897 5,269 5,438 5,256

0

2,000

4,000

6,000

Q1 Q2 Q3 Q4

Vanadium in Slag (gross production)

Vanadium in Final Products (saleable)

7,509 6,303

3,830

2,965

0

3,000

6,000

9,000

12,000

2010 2011

Raw Coking Coal Raw Steam Coal

6

FY 2011 Operational Results

Production of Steel Products ◦ 2011 consolidated crude steel production was 16.8 mt, +3% vs. 2010

◦Major steelmaking assets operated at full capacity through 2011

◦ Steel product mix shifted further in favour of high value-added finished goods

◦ Coking coal production decreased by 16% due to longwalll repositionings and additional implementation of safety equipment and procedures

◦ Prices for steel products and coking coal improved

„000 tonnes

0

3,000

6,000

9,000

12,000

15,000

2010 2011

Semi-finished products Construction products Railway products

Flat-rolled products Tubular products Other steel products

14,698 15,234

„000 tonnes

Production of Saleable Iron Ore Products

11,339

9,268

19,80521,170

0

4,000

8,000

12,000

16,000

20,000

2010 2011

Production of Coal

„000 tonnes

7

Trading Update for 3Q and 9M 2011

(US$ million) 3Q 2011 9M 2011 9M 2010

9M 2011/

9M 2010,

change, %

Revenue 4,157 12,537 9,729 28.9%

EBITDA 772 2,401 1,766 36.0%

Interest expense 164 551 547 0.7%

CAPEX 483 945 584 61.8%

Steel product sales * 3,390 10,094 7,862 28.4%

Iron ore product sales * 134 488 230 112.2%

Coal product sales * 102 308 263 17.1%

Vanadium product sales * 160 462 393 17.6%

Other revenues * 371 1,185 981 20.8%

As of 30 Sep

2011

As of 31 Dec

2010

Change, %

Total debt 7,214 7,811 -7.6%

Cash and cash equivalents 578 683 -15.4%

* External sales

Move to Premium Listing

EVRAZ‟s redomiciliation to the UK from Luxembourg and a premium share listing and admission to trading on the

Main Market of the LSE since 7 November 2011

◦ Existing GDR listing and trading will be cancelled following termination on 8 February 2011 of the deposit

agreement with The Bank of New York Mellon

◦ Following FTSE Committee Quarterly Review on 7 December 2011 EVRAZ became a FTSE 100 company and the

only steel stock in UK FTSE All-Share index

◦ Benefits of the premium listing :

◦ Broader shareholder base

◦ Improvement in long-term access to capital

◦ Improved liquidity

◦ Committed to high standards of corporate governance

8

9

◦ On 10 October 2011 the EVRAZ Board approved a new dividend policy and the payment of interim and special

dividends for 1H 2011

◦ First dividend payment since 2008

◦ The Company believes that the new policy and dividend payment creates a balanced approach towards return on

shareholder equity whilst retaining sufficient capital for the Group‟s investment growth

◦ Under the revised dividend policy EVRAZ will target to maintain a long-term average dividend payout ratio of at

least 25 % of the consolidated net profit calculated in accordance with IFRS and adjusted for non-recurring items,

for the relevant period. Dividends are expected to be paid semi-annually

◦ In addition to the regular dividend payments the Company may also employ special dividends from time to time at

the discretion of the EVRAZ Board to return surplus capital to shareholders

Dividend Policy

10

Outlook

Global economy and the steel industry continue to face challenges and remain very volatile

EVRAZ maintains full steelmaking capacity utilisation of major production assets

Inventories at traders and at our mills and ports are very low

Trading at the end of 2011 was impacted by the seasonal change in the product mix in favour of lower-

margin semi-finished products and lower prices for main product groups due to volatile global economic

environment

Steelmaking pricing in the beginning of 2012 is slightly better supported by expectations of growth in

scrap and iron ore prices and very low inventory level

EVRAZ continuously assesses the market environment and has significant flexibility in CAPEX plans

4Q 2011 EBITDA is expected to be in the range of US$500-600 million

EVRAZ Investment Highlights

◦ #15 steel producer by volume globally and #1 in Russia

◦ Low cost operations driven by vertically integrated business model

◦ Exposure to growing construction and infrastructure markets globally

◦ Strong position in growing Russian market

◦ Successful track record of strategic acquisitions

◦ Multiple opportunities to drive growth

◦ Focus on HSE

Investment Highlights 12

North America

South America Africa

Europe

Russia/CIS

Asia

6,420 402

4,208

1,054

410

110

110

2,607

Sea Ports

Vanadium

Coal Mining

Iron Ore Mining

Steel Mills

Mezhegey Coal Mill in Development

Global Operating Model

240

400

Third Party Steel Products Sales (Kt), 2010 # Internal Supply of Slabs and Billets from Russian Steel Mills (Kt) #

590

Russia &

CIS

42%

Africa

3%

Asia

29%

North

America

17%

Europe

9%

2010 Steel Sales Volume

by Geography

Tubular

6%

Other

4%

Semi-

finished

29%

Flat-

rolled

17%

Railway

12%

Construction

32%

2010 Steel Sales Volume

by Product

13

14

Cost Leadership

◦ High level of vertical integration into iron ore and coking

coal helps to partially mitigate negative impact of

escalating prices

◦ Approx. 60% of consolidated operating costs are rouble

denominated

◦ EVRAZ enjoys a position on the global cost curve well

within the first quartile

Source: World Steel Dynamics

Consolidated Cost of Revenues by Cost Elements

1H 2011, %

of total CoR

1H 2010, %

of total CoR

Raw materials, including 39% 37%

Iron ore 7% 6%

Coking coal 12% 11%

Scrap 14% 13%

Other raw materials 6% 7%

Semi-finished products 7% 4%

Transportation 5% 6%

Staff costs 12% 12%

Depreciation 7% 8%

Electricity 5% 5%

Natural gas 4% 4%

Other costs 21% 24%

Sep‟11 Average Steel Slab Cash Cost by Region (EXW)

Cash Cost ($/metric tonne)

0

120

240

360

480

600

720World Average: 597

Cumulative Capacity

Mid

. E

ast

Mexic

o

Russia

&

CIS

India

Bra

zil

Canada

US

A

E.

Eu

rop

e

Austr

alia

S

outh

Kore

a

Asia

W. E

uro

pe

(3)

Japan

S.A

merica

A

fric

a

Chin

a

294

349371 355

200179

216

271 280

333356 369

395

438401

354

441 459

364

246 256 265

317298

350378

411437 446479

100

200

300

400

500

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Slab Billet

Cash Cost*, Slabs & Billets US$/t

*Average for Russian steel mills, integrated cash cost of production, EXW

6.2

7.98.6

0

5

10

15

2009 2010 2011(f)

32

26

13

0

20

40

2009 2010 2011(f)

Construction Steel Consumption in Russia

MMt

Consumption of Construction Steel in Russia

Russian Government Capital Investments

US$ bn

(1) RUB 895 bn

◦ EVRAZ is best positioned to benefit from infrastructure

development in its key markets

◦ EVRAZ is the leading producer of long products in

Russia

◦ Market share of 86% in H-beams, 66% in

channels, 89% in rails and 36% in wheels*

◦ Russian construction steel demand expected to reach

pre-crisis levels in 2012

◦ We expect construction steel demand to reach

approximately 11 MMt in 2015

◦ Over US$30 bn of capital investments by the Russian

Government planned for 2011

◦ Key programmes include construction related to the

Sochi 2014 Winter Olympics, infrastructure

development for the APEC 2012 summit in Vladivostok,

Skolkovo innovation centre

◦ Russia committed to invest over US$50 bn in

preparation for the 2018 FIFA World Cup (estimated

steel requirement of 2.0-2.5 MMt)

◦ Russian Railways approved investment programme for

2011-2013 of US$18.4 bn

(1)

Exposure to Growth in Construction and

Infrastructure

Source: Russian Government, press

* As of H1 2011

15

Investment Projects

17

Growth Projects

Projects under Consideration

Projects in Progress

◦ Mezhegey coking coal deposit development

◦ Joint venture with Alrosa to develop Timir iron ore deposit in Yakutia

◦ Construction of 2nd converter shop at EVRAZ NTMK: steel capacity increase of 1-1.5 mtpa

◦ Construction of Yerunakovskaya VIII mine, 2 mtpa of coking coal

◦ Exploration of Sobstvenno-Kachkanarskoye iron ore deposit to increase KGOK production to 55 mtpa

◦ Construction of Yuzhny and Kostanay rolling mills in regions where demand is growing (South Russia and Kazakhstan): total 900,000 tpa of construction products

Projects in Final Stage of Completion

◦ Rail mill modernisation enabling production of high value-added products

◦ PCI installation at Russian steel mills

-

200

400

600

800

1,000

1,200

2008 2009 2010 1H 2011

Maintenance, Steel and other operations Coal mine development **

Iron ore mine development Investment projects*

18

CAPEX Dynamics

1,103

441

832

462

* In 2010 includes US$70 million acquisition of Mezhegey and Mezhegey East licences

** Investment into maintaining and developing mining volumes, such as preparation of coal seams

◦ Return to investment in modernisation projects and mine development in 2010

◦ FY 2011 CAPEX of US$1.2 billion

US$ mln

2011 Budget

CAPEX

(1) Total 2011 capex is ca. $US1.2 bn

(2) Acquisition of Mezhegey and Mezhegey East licences

Iron ore & coal

Project

Total CAPEX

$US mln

Cum CAPEX by 30.06.

2011

$US mln

Expansion of Kachkanar Mine 80 44

TBD 80 (2)

Update on Key Investment Projects 19

Steel

Iron ore & coal

Yerunakovskava Mine Construction 350 35

Project

Total CAPEX

$US mln

Cum CAPEX by 30.06.

2011

$US mln

Development of Mezhegey and Eastern Field Coal

Deposits (Tyva, Russia)

Project

Total CAPEX

$US mln

Cum CAPEX by 31.12.

20111

$US mln Project Targets

Construction of Yuzhny and Kostanay

Rolling Mills

Reconstruction of Rail Mill at United ZSMK

(Former NKMK)

Reconstruction of Rail Mill at NTMK

Pulverised Coal Injection (PCI)

at NTMK and ZSMK

Reconstruction of Mechanical Area at

NTMK Wheel & Tyre Mill

260 57

520 305

60 58

320 170

35 23

Coal production of 2 mtpa

On-stream by mid-2013

Iron ore production to be increased to 55 mtpa

On-stream by 2012

Maintaining self-sufficiency in high-quality hard coking coal

after depletion of existing deposits

On-stream by 2015 and 2021 respectively

Capacity: 450 ktpa of construction products each mill

On-stream by mid-2013

Capacity of 950k tonnes of high-speed rails, including 450k

tonnes of 100 metre rails

On-stream by 2013

Production of higher-quality rails

550k tonnes capacity

On-stream by 2012

20% lower coke consumption

Save annually up to 650 mcm of natural gas at NTMK and up

to 600 mcm at ZSMK

On-stream by end-2012

Production of higher-quality wheels

On-stream by 2011

20

Summary

Volatile market environment in H2 2011 and beginning of 2012 due to global economic and financial

uncertainty

Group‟s vertically integrated business model is relatively resilient to market fluctuations

Improved liquidity position and reduced debt level following continuous refinancing in 2011

Renewed investment into enhancing the mining base, production modernisation and product quality are

expected to bear fruit in 2012

The premium share listing in London and FTSE 100 inclusion to improve liquidity and shareholder base

Company now on sound footing to achieve further growth and is well prepared to efficiently operate

even in the prolonged period of market uncertainty

Appendix

22

* Consolidated adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets, foreign exchange loss (gain) and loss (gain) on disposal of

PP&E. See appendix on p.30 for reconciliation of profit (loss) from operations to Adjusted EBITDA

** Net profit in 1H 2011 was negatively affected by one-off items. Without one-off losses of US$231 million relating to the conversion and early repurchase of debts the 1H 2011 net profit would have been US$494 million *** Here and throughout the presentation steel sales volumes to external customers only if not stated otherwise

Revenue 8,380 6,379 31%

Gross profit 2,197 1,460 50%

1,154 41% Consolidated adjusted EBITDA* 1,629

Adjusted EBITDA margin 19.4% 18.1%

0.42 EPS (US$ per GDR) 0.62

1H 2011 1H 2010 US$ mln unless otherwise stated Change

1H 2011 Summary

176 Net Profit** 263

Steel sales volumes*** (‟000 tonnes) 7,946 7,714 3%

49%

48%

Interim Dividend (US$ per GDR)

Short-term Debt 604

Net Debt 6,042 7,127

714

(15)%

(15)%

0.2 0

As of

30 June 2011

As of

31 Dec 2010 Change

23

803 744

390

96255

(3)

83

62

(157)(156)

-300

0

300

600

900

1,200

1,500

1,800

1H 2010 1H 2011

Steel Mining Vanadium Other operations Unallocated & Eliminations

5,7967,492

1,120

2,040

290

320

414

482

(1,241) (1,954)

-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000

1H 2010 1H 2011

Steel Mining Vanadium Other operations Eliminations

1H 2011 Financial Highlights

Consolidated Revenue by Segment

US$ mln

Consolidated Adjusted EBITDA

6,379

8,380

1,154

1,629

US$ mln

◦ Significant growth in revenues and EBITDA in 1H 2011 vs. 1H 2010 as a result of market recovery

◦ Revenue growth was driven primarily by prices increases as EVRAZ operated at high capacity utilisation levels in 1H

2011

◦ EVRAZ benefits from high level of vertical integration

◦ Major share of revenues coming from Steel segment, while more than half of EBITDA generated in Mining segment

24

FCF Generation

◦ Substantial free cash flow generation in 1H 2011

◦ Release of working capital in spite of higher level of activity and higher prices

◦ Major uses of FCF in 1H2011 were: US$402 million increase in cash, US$275 million net repayment of loan

principals, US$51 million purchase of non-controlling interests (Evraztrans)

*Free cash flow comprises cash flows from operating activities less interest paid, costs of early repurchase of debts and cash flows from

investing activities

US$ mln

1,6701,62941

(210)

1,594

(386)

(462)

5 751

134

0

200

400

600

800

1000

1200

1400

1600

1800

2000

EBITDA 1H

2011

Non-cash

items

EBITDA (excl.

non-cash

items)

Changes in

working

capital, excl

income tax

Income tax

paid

CF from

operating

activities

Interest paid

and costs of

early

repurchase of

debts

Capex CF from

investing

activities

(excl. capex)

Free cash

flow*

301 194

1,452 1,373

1,713

659

30

1,374

33

0

500

1,000

1,500

2,000

2011 2012 2013 2014 2015 2016 2017 2018 2019-2023

Q1 Q2 Q3 Q4

25

Liquidity and Debt Maturity Profile

Debt* Maturities Schedule (as of 30 September 2011)

* Principal debt (excl. interest payments)

US$ mln

◦ Refinancing steps significantly strengthened the Group‟s liquidity profile:

◦ In April 2011, EVRAZ issued US$850m bonds due 2018 at 6.75%, the lowest ever coupon for EVRAZ Eurobond

issues

◦ Part of the proceeds from the issue was used to purchase approx. US$622m in aggregate principal amount of

the outstanding bonds due 2013

◦ In June 2011, Evraz issued a 20 billion 5-year rouble bond (approx. US$715m) at 8.40%, and incentivised

conversion of US$648 million in principal amount of convertible bonds due 2014

◦ In October 2011, the 5-year US$500 million unsecured credit facility with Gazprombank was used to prepay the

existing US$300 million secured loan

◦ In December 2011, closed a US$610 million 5-year committed revolving credit facility for EVRAZ NA at 1.5-2%

over LIBOR, refinancing US$225 million and CAD300 million facilities at 3.25-4.25% over LIBOR

◦ EVRAZ‟s total debt was US$7.2 billion as of 30 September 2011, including US$4.7 billion of public debt and US$2.5

billion of bank loans

◦ Targeting net debt/EBITDA ratio below 2.5x

26

1,6291,1961,154

769468

19%17%18%

15%

10%

0

500

1,000

1,500

2,000

1H2009 2H2009 1H2010 2H2010 1H2011

0%

5%

10%

15%

20%

EBITDA and EBITDA Margin Performance

US$ MM

EBITDA

Improved Business Fundamentals

EBITDA Margin (RHS)

%

31 December

2009

30 June

2011

Net Debt US$7,230m US$6,042m

Leverage (Net Debt/LTM

EBITDA) 5.8x 2.1x

Average Maturity 3.4 years 3.8 years

Short-term Debt US$1,992m US$604m

◦ EBITDA and EBITDA margin progression

◦ Focus on financial management

◦ Reduction of total debt level

◦ Significant improvement of leverage

◦ Successful refinancing of short-term debt using debt

instruments with longer term maturities

◦ EVRAZ credit ratings upgraded: S&P to B+, Stable;

Moody‟s to Ba3, Stable; Fitch to BB-, Stable

27

53%68%

47%32%

0

1,000

2,000

3,000

4,000

5,000

6,000

1H 2010 1H 2011

Domestic Export

2,260 1,838

2,1002,378

785 813

387 512

0

1,000

2,000

3,000

4,000

5,000

6,000

1H 2010 1H 2011

Semi-finished Construction Railway Other

Steel: CIS

Steel Product Revenues Steel Product Sales Volumes

5,532 5,541

„000 tonnes

5,532 5,541

Steel Product Sales, Domestic vs. Export

Products Revenue,

US$m

Revenue per tonne,

US$

1H 2010 1H 2011 1H 2010 1H 2011

Semi-finished 1,112 1,159 492 630

Construction 1,275 1,833 607 771

Railway 541 734 689 903

Other steel 247 422 638 824

Total 3,175 4,148 574 749

„000 tonnes ◦ Full utilisation of Russian and Ukrainian steelmaking

capacities maintained in 2011

◦ In 1H 2011 domestic steel sales accounted for 68% of

EVRAZ‟s Russian and Ukrainian mills‟ steel sales

compared to 53% in 1H 2010, reflecting improving

demand in the CIS market and the shift to sales of higher

margin products

◦ High market share in domestic sales through own

distribution network

◦ Prices of key products strengthened in response to

demand recovery and growth in raw material prices

28

197 165

181 242

462511

436403

0

200

400

600

800

1,000

1,200

1,400

1H 2010 1H 2011

Construction & other steel Railway Flat-rolled Tubular

Steel: North America

1,276 1,321 Products Revenue,

US$m

Revenue per tonne,

US$

1H 2010 1H 2011 1H 2010 1H 2011

Construction

and other 154 153 782 927

Railway 172 249 950 1,029

Flat-rolled 400 578 866 1,131

Tubular 601 589 1,378 1,461

Total 1,327 1,569 1,040 1,188

Steel Product Revenues Steel Product Sales Volumes

„000 tonnes

◦ Gradual recovery in demand

◦ Sales volumes of steel products increased by 4% in 1H 2011 vs. 1H 2010

◦ Flat-rolled steel volumes increased by 11%; railway products by 34%

◦ Average prices of all product categories increased with the largest increase in flat-rolled products (+US$266/t)

◦ Pricing of steel products generally follows scrap price trends

29

511631

92

109

0

100

200

300

400

500

600

700

800

1H 2010 1H 2011

Flat-rolled Other

97 108

183

52

195

10

-

50

100

150

200

250

300

350

400

1H 2010 1H 2011

Construction Flat-rolled Other

Steel: Europe, South Africa

„000 tonnes

„000 tonnes

603

740

302

343

Products Revenue,

US$m

Revenue per tonne,

US$

1H 2010 1H 2011 1H 2010 1H 2011

European Operations

Flat-rolled 345 598 675 948

Other 74 104 804 954

Total 419 702 695 949

South African Operations

Construction 70 89 721 824

Flat-rolled 138 159 708 869

Other 7 36 700 692

Total 215 284 712 828

Steel Product Sales Volumes,

South African Operations

Steel Product Revenues

Steel Product Sales Volumes,

European Operations ◦ EVRAZ‟s European mills sales volumes increased by

23% in 1H 2011 vs. 1H 2010

◦ European flat-rolled product sales volumes increased

by 23%, which largely reflected the increased

demand picture in the European market

◦ Sales of EVRAZ Highveld‟s steel products were

effectively flat as domestic demand in the South

African market remained weak

8,859

10,397 10,6359,981

10,455

8,8099,955

9,60810,191 10,355

0

4,000

8,000

12,000

H1 2009 H2 2009 H1 2010 H2 2010 H1 2011

99% 96% 90% 102% 99%

(1) Self-coverage, %= total production divided by total steel segment consumption

(2) Self-coverage, %= total production (plus 40% of Raspadskaya production on pro rata basis) divided by total steel segment consumption

(3) Self-coverage excl. 40% Raspadskaya share

◦ As of 1H 2011 EVRAZ was 99% self-sufficient in iron ore and

62% in coking coal (88% including 40% share of production

from Raspadskaya)

◦ Cash cost of washed coking coal went up in 3Q 2011 due to

drop in production volumes and increased repair costs

◦ EVRAZ‟s strategy is to expand its mining division increasing

self-sufficiency

◦ The company is developing a number of projects including

the Mezhegey and Yerunakovsky VIII coal deposits and the

Kachkanar iron ore deposit

„000 tonnes

Iron Ore Self-Coverage (1), 2009-H1 2011

Consumption Production Consumption Production Excl. Raspadskaya Raspadskaya Production

Mining: Integrated Portfolio of Iron Ore and

Coking Coal

30

4,0533,850

3,2993,4992,4042,5062,191

4,021

3,4023,642

5,288

4,218

4,795

3,5013,229

0

3,000

6,000

Washed Coking Coal (Concentrate) Self-Coverage (2)

„000 tonnes

137% 125% 90% 80% 88%

78%(3) 100%(3) 54%(3) 62%(3) 62%(3)

H1 2009 H2 2009 H1 2010 H2 2010 H1 2011

„000 tonnes „000 tonnes „000 tonnes

20

30

40

50

60

70

80

90

100

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Iron ore products (Fe 58%) Washed coking coal (concentrate)

Cash Cost, Russian Iron Ore Products and Coal

US$/t

32

London +44 207 832 8990

Moscow +7 495 232 1370

IR@evraz.com

www.evraz.com