1. 1
Corporate Presentation
May 2011

2. 2
Evraz Group 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 2010, EVRAZ produced 16.3 million tonnes of crude steel and sold 15.5 million
tonnes of steel rolled products
◦ 2010 consolidated revenue amounted to US$13.4 billion; EBITDA was US$2.4 billion
◦ GDRs listed on London Stock Exchange; market capitalisation approx. US$14 billion

3. 3
Evraz’s Global Business

4. 4
2010 Summary
US$ mln unless otherwise stated 2010 2009 Change
Revenue 13,394 9,772 37%
Gross profit 3,075 1,648 87%
Adjusted EBITDA* 2,350 1,237 90%
Adjusted EBITDA margin 18% 13%
Net Profit/(Loss)* 532 (292)
EPS (US$ per GDR) 1.32 (0.73)
Net Debt** 7,127 7,230 (1.4)%
Short-term Debt** 714 1,992 (64)%
Steel sales volumes*** (’000 tonnes) 15,506 14,282 9%
* Adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets, revaluation deficit, 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
** As at the end of the reporting period
*** Here and throughout this presentation segment sales data refers to external sales unless otherwise stated

5. 5
2010 Financial Highlights
Consolidated Revenue by Segment
◦ Significant growth in revenues and EBITDA as a result US$ mln
of strong market recovery 18,000
13,394
◦ Both prices and volumes contributed to revenue 15,000
9,772
815
566
2,507
growth 12,000 765
363
◦ Steel products remain the predominant source of 9,000
1,456
revenue, but EBITDA is increasingly generated by 6,000
8,978
12,123
mining segment due to higher relative growth of iron 3,000
ore and coking coal prices 0
(1,790) (2,617)
-3,000
2009 2010
Steel Mining Vanadium Other operations Eliminations
Revenue Drivers Consolidated Adjusted EBITDA
US$ mln US$ mln
16,000 2,800 2,350
13,394 190
14,000 2,266 2,400 53
12,000 1,356
2,000 935
10,000 1,237
1,600
8,000
1,200 167
6,000 279
9,772 800
4,000 1,439
400 927
2,000
0 0 (12) (124) (267)
2009 Revenue Volumes Prices 2010 Revenue
-400
2009 2010
Steel Mining
Vanadium Other operations
Unallocated & Eliminations

6. 6
1Q 2011 Performance
◦ 1Q11 Steel Segment revenue amounted to US$3,128 Consolidated Revenue and EBITDA
million, Mining Segment - US$262 million, Vanadium US$ mln
Segment – US$133 million and Other revenues 4,500
3,894
4,000 3,665
reached US$371 million (incl. US$83 mln from 3,500
3,409 3,350
2,970
rendering of services) 3,000
◦ Iron ore sales (incl. intersegment shipments) totalled
2,500
2,000
5.2 mt vs 4.2mt in 1Q10 1,500
1,000 730 612 584 740
◦ Coal sales (incl. intersegment shipments) were 2.1 mt, 500
424
0
including 0.6 mt of raw coking coal and 1.2 mt of
1Q10 2Q10 3Q10 4Q10 1Q11
coking coal concentrate, compared to 2.5mt, 0.9 mt
Revenue EBITDA
and 0.9 mt respectively
Steel Sales Volumes Steel Sales
‘000 tonnes US$ mln
4,500 3,870 3,870
3500 3,128
4,000 116 158
189 3000 135
3,500 200 282
645 743 2,368
3,000 2500 69
455 682
2,500 508 255
2000
2,000 437 447
1,200 1500
1,500 1,289 336
1000 1,003
1,000 706
500 1,265 972 500
565 579
0 0
1Q10 1Q11 1Q10 1Q11
Semi-finished products Construction products Railway products Semi-finished products Construction products Railway products
Flat-rolled products Tubular products Other steel products Flat-rolled products Tubular products Other steel products

7. 7
Group Cost Dynamics
Cash Cost*, Slabs & Billets
◦ EVRAZ’s high level of vertical integration into iron ore US$/t
500 459
and coking coal helped to partially mitigate negative 441
411
437
378
impact of escalating prices of input materials on 400 354 364 350
317
steelmakers’ costs 371 265
298
369
395
300 349 355 256 356
◦
246 333
Consolidated cost is approx. 50% Rouble 294 280
271
denominated. Rouble appreciation largely 200
216
200
responsible for cash cost increase in 2009 100
179
◦ Increased costs in 2010 reflected mostly growth of 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
non-controllable costs, such as raw materials and Slab Billet
utilities *Average for Russian steel mills, integrated cash cost of production, EXW
Consolidated Cost of Revenues by Cost Elements Cost of Revenue, Controllable vs.
Non-controllable Costs
2010, % 2009, % US$ mln
of total CoR of total CoR
Raw materials, including 33% 24% 12,000
565 10,319
Iron ore 6% 3% 10,000
1,630
Coking coal 10% 6% 8,124
Scrap 12% 10% 8,000
Other raw materials 5% 5% 6,000
Semi-finished products 6% 6%
Transportation 6% 7% 4,000
Staff costs 11% 11%
2,000
Depreciation 14% 18%
Electricity 5% 4% 0
Natural gas 3% 3% CoR 2009 Non-controllable Controllable CoR 2010
Other costs 22% 27% Controllable: staff costs, purchased semis, auxilliary materials, services
Non-controllable: raw materials, energy, transportation, depreciation, movement in stock
Source: Management accounts

8. 8
FCF Generation
◦ Positive free cash flow generation despite significant CAPEX
◦ Increase in working capital due to higher level of activity and higher prices
US$ mln
3,000
2,500 2,382
2,000
(379) 1,662
1,500 (341)
1,000
(623)
500
75 282
(832)
0
EBITDA (excl. Changes in Income tax paid CF from Interest paid & Capex CF from Free cash flow*
non-cash items) WC, excl operating covenant reset investing
income tax activities charges activities (excl.
capex)
*Free cash flow comprises cash flows from operating activities less interest paid, covenant reset charges and cash flows from investing activities

9. 9
Liquidity and Debt Maturity Profile
Total debt of approx. US$7.8 billion as of 31 March 2011
Recent refinancing steps significantly strengthened EVRAZ’s liquidity profile and demonstrated EVRAZ’s ready
access to debt markets:
○ In April 2011, EVRAZ issued US$850 million bonds due 2018 at an interest rate of 6.75%, the lowest ever coupon
for EVRAZ Eurobond issues
○ Part of the proceeds from the issue was used to purchase approx. US$622 million in aggregate principal amount of
the outstanding bonds due 2013
Credit agencies upgraded EVRAZ ratings (S&P to B+, Stable; Moody’s to B1, Positive; Fitch to BB-, Positive)
Refinancing remains a priority; targeting net debt/EBITDA ratio below 2 in the medium term
Leverage
Leverage Debt* Maturities Schedule
Debt* Maturities Schedule
(as of 31 March 2011)
(as of 31 March 2011)
US$ mln x US$ mln
3,000
12,500 7.0
5.8 2,427
9,986 2,500
6.0 2,136
10,000 2,062
8,482 7,873
7,923 7,811 5.0 2,000
3.8
7,500 4.0
3.0 1,500
2.4 3.0
5,000
1.5 1,000
2.0
502 515
2,500
1.0 500
200
3,922 3,937 1,992 1,740 714 38 37
0 0.0 -
FY08 1H09 FY09 1H10 FY10 2011 2012 2013 2014 2015 2016 2017 2018
Total Debt Short-term Debt IFRS Net Debt/LTM EBITDA
Note. Debt for covenant compliance is calculated differently from IFRS * Principal debt (excl. interest accrued)

10. 10
Steel: CIS
Steel Product Sales, Domestic vs. Export
◦ Full utilisation of Russian and Ukrainian steelmaking ‘000 tonnes
capacities maintained throughout the year 11,084
12,000
◦ In 2010 domestic steel sales accounted for 58% of EVRAZ’s 10,737
Russian and Ukrainian mills’ steel sales compared to 44% in 10,000
2009, reflecting improving demand in the CIS market and the 8,000
42%
56%
shift to sales of higher margin products
◦ Market share increased in domestic sales through own 6,000
distributors 4,000
◦ Prices of key products strengthened in response to demand
2,000 44%
58%
recovery and growth in raw material prices
◦ EVRAZ reached long-term agreement with Russian Railways in 0
2009 2010
2H 2010 to supply rails at price formula based on the scrap
Domestic Export
price, thereby protecting segment’s margins going forward
Steel Product Sales Volumes Steel Product Revenues
‘000 tonnes
11,084
12,000 Revenue, Revenue per tonne,
10,737 Products
757 796 US$m US$
10,000
1,193 1,497
8,000 2009 2010 2009 2010
3,637 4,373
6,000 Semi-finished 1,972 2,307 383 522
4,000 Construction 1,782 2,793 490 639
5,150 4,418
2,000
Railway 737 1,082 618 723
0
2009 2010
Other steel 417 525 551 652
Total 4,908 6,707 457 605
Semi-finished Construction Railway Other steel

11. 11
Steel: North America
◦ Gradual recovery in demand driven by economic improvements and the onset of regional governments’
infrastructure spending
◦ Shale gas exploration projects generate strong demand for small diameter pipe
◦ Sales volumes of steel products increased by 26%
◦ Flat-rolled steel volumes increased by 31%; tubular products by 40%
◦ Pricing of steel products generally follows scrap price trends, 2009 prices were still benefiting from high activity in
1H 2009
Steel Product Sales Volumes Steel Product Revenues
‘000 tonnes
3,000 Revenue, Revenue per tonne,
2,607 Products
2,500 US$m US$
2,075
923
2,000 2009 2010 2009 2010
660
1,500 Construction 227 302 665 776
904
1,000 688
Railway 369 368 957 941
500 386 391
Flat-rolled 553 798 804 883
341 389
0
2009 2010
Tubular 1,004 1,308 1,522 1,417
Construction Railway Flat-rolled Tubular Total 2,153 2,776 1,038 1,065

12. 12
Steel: Europe, South Africa
Steel Product Sales Volumes,
◦ EVRAZ’s European mills sales volumes increased by
‘000 tonnes
European Operations
36%
1,400
◦ Flat-rolled product sales registered 35% volume rise 1,200
1,206
155
and 61% increase, largely reflecting improvement in 1,000 885
the European market 800 109
◦ The shutdown of steelmaking at EVRAZ Vitkovice 600
400 776
1,051
Steel in 2H 2010 had no material economic impact
200
on EVRAZ’s production volumes and costs
0
◦ Sales of EVRAZ Highveld’s steel products were 2009 2010
Flat-rolled Other
effectively flat as domestic demand in the South
African market remained weak
Steel Product Revenues Steel Product Sales Volumes,
South African Operations
Revenue, Revenue per tonne, ‘000 tonnes
Products
US$m US$ 700
2009 2010 2009 2010 610
586
600
81
European Operations 132
500
Flat-rolled 482 778 622 740
400
Other 93 129 857 831 338
300 294
Total 575 907 650 752
200
South African Operations
Construction 114 138 712 721 100 160 191
Flat-rolled 205 257 695 762 0
2009 2010
Other 52 48 397 600
Construction Flat-rolled Other
Total 371 443 633 727

13. 13
Coal Mining
◦ Volumes of coking coal mined in 1H 2010 decreased due to lengthy repositioning of longwall at Ulyanovskaya mine
◦ 3Q 2010 volumes were also depressed due to the implementation of additional workplace safety measures; 4Q
2010 volumes returning to normalised levels
◦ Cash cost in 2Q-3Q 2010 higher due to fixed cost impact on lower volumes
◦ Coking coal self-coverage to increase over the next three years by developing existing deposits and reducing coking
coal consumption through the implementation of pulverised coal injection technology
Washed Coking Coal (Concentrate) Self-Coverage*
Washed Coking Coal (Concentrate) Self-Coverage* Cash Cost, Russian Coking Coal
‘000 tonnes US$/t
137% 125% 90% 80% 80
6,000
5,288
4,795
5,000 60
4,218 4,053 4,021
4,000 3,501 3,642
3,229
3,000
40
2,000
20
1,000
100%** 78%** 54%** 62%**
0 0
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
1H09 2H09 1H10 2H10
Coking coal concentrate
Consumption Production
* Self-coverage, %= total production (plus 40% of Raspadskaya production) divided by total steel segment consumption
** Self-coverage excl. 40% Raspadskaya share

14. 14
Iron Ore Mining
◦ Iron ore production increased from 18.8 million tonnes in 2009 to 19.8 million tonnes in 2010
◦ Self-coverage in iron ore was maintained at around 100%
◦ Cash costs increased in line with general cost inflation
◦ Investment in mine development to maintain or improve self-coverage
Iron Ore Self-Coverage*
Iron Ore Self-Coverage* Cash Cost, Russian Iron Ore Products
‘000 tonnes US$/t
99% 96% 90% 102%
12,000 80
10,000
60
8,000
6,000 40
8,809 10,397 10,635 9,981
8,859 9,955 9,608 10,191
4,000
20
2,000
0 0
1H09 2H09 1H10 2H10 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
Consumption Production Iron ore products, 58% Fe
* Self-coverage, %= total production divided by total steel segment consumption

15. 15
Vanadium
Vanadium Prices, FeV, LMB
◦ Significant improvement in global demand for US$/kg V
vanadium 40
◦ Acquisition in 2009 of Vanady-Tula, Russia’s largest
ferrovanadium producer, signals further expansion of 30
vanadium processing capacity
◦ Sales of finished vanadium products increased vs. 20
2009 by 70% to US$492m
◦ EVRAZ’s vanadium processing capacities are fully
10
utilised Jan- Mar- May- Jul- Sep- Nov- Jan- Mar- May- Jul- Sep- Nov- Jan- Mar-
09 09 09 09 09 09 10 10 10 10 10 10 11 11
Vanadium Products Sales Volumes *
Vanadium Products Sales Volumes * Vanadium Products Revenues*
by Region
‘000 tonnes of V US$ mln
25.0
23
19.8 67
20.0 18.1
72
15.0
11.6 16.7
10.0
134
5.0
6.5 236
3.1
0.0
2009 2010
Vanadium in slag Vanadium in alloys and chemicals Russia & CIS Europe Americas Asia Africa & RoW
* External sales

16. 16
Growth Strategy
Enhancement of raw material base
◦ Development of a coal deposit in Yerunakovsky region of Kuzbass
◦ Exploration of the Mezhegey coal deposit
◦ Increase ‘in-house’ iron ore production and supplementary exploration at existing sites
Increase in steel production volumes
◦ Reconstruction of 4th converter and 3rd slab machine at NTMK increased crude steel output by up to 0.5 mtpa
◦ Considering construction of a second converter shop at NTMK with additional crude steel capacity of 1.5-2.0 mtpa
◦ Expansion of steel capacity in North America by 0.26 mtpa
Strengthening presence in our key markets
◦ Construction of new rolling facilities in regions where demand is growing (South Russia and Kazakhstan)
◦ Consolidation of our steel distribution network in the CIS
◦ Modernisation of rail mills enabling production of high value-added products
◦ Upgrade of wheel shops
◦ Considering 50% increase in plate mill capacity at EVRAZ Palini e Bertoli from 0.4 mtpa up to 0.6 mtpa
Cost-saving measures
◦ Implementation of pulverised coal injection projects at Russian steel mills to eliminate use of natural gas in blast
furnaces and reduce consumption of coking coal. Additional effect will be an increase in pig iron production volumes
and, therefore, crude steel production
◦ Implementation of LEAN business principles at all EVRAZ operations
◦ Conversion of EVRAZ Highveld furnace into open slag bath in order to decrease energy and coking coal consumption

17. 17
CAPEX Dynamics
◦ Return to investment in modernisation projects and mine development in 2010
◦ Further growth budgeted for 2011
US$ mln
1,500
1,240
1,200 1,103
900 832
600
441
300
0
2008 2009 2010 2011F
Investment projects*
Iron ore mine development
Coal mine development **
Maintenance, Steel and other operations
* 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

18. 18
Recent Market Developments
Evraz Selling Prices
◦ Volumes in key products and markets are stable US$/t
1,100
◦ Current steel-making capacity utilisation: 1,000
900
◦ Russia and Ukraine - 100% 800
700
◦ North America – 95-100% 600
500
◦ Czech Republic - 100% 400
◦
Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11
South Africa - 80%
Slabs, Russia, export* Billets, Russia, export*
◦ Steel prices grew until February 2011, then stabilised Rebars, Russia, FCA Plate, North America, FCA
or slightly decreased
◦ Iron ore prices have slightly decreased in the recent
* Weighted average contract prices
weeks but are still at levels above 2010 average
Raw Material Prices (Domestic Markets)
◦ Coking coal concentrate prices in Russia are
US$/t
Raw Material Prices (Domestic Markets)
still holding 500
◦ Vanadium prices are at the level of 30-31 $/kg 400
300
200
100
0
Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11
Scrap, Russia, CPT Scrap, USA, CPT
Iron ore concentrate, Russia, ExW Coking coal concentrate, Russia, FCA
Source: Metall Expert

19. 19
Consumption of Construction Steel in Russia
12,0 120
11,0
100
10,0
9,0
80
million square meters
8,0
million tpa
7,0 60
11,1
10,7
6,0 10,1 10,2
9,5 9,2
8,3 40
5,0
4,0 6,2
20
3,0
2,0 0
2007 2008 2009 2010 2011(f) 2012(f) 2013(f) 2014(f)
Consumption of Construction Steel in Russia (Rebar, Beams, Angles, Channels) Buildings completions, million square metrs
Recovery of construction steel product consumption began in 2010
Russian demand for construction steel is expected to be more than 10% higher in 2011 than in 2010
Sources: Rosstat, Metal Courier, Rusmet, Management estimates

20. 20
Russian Government Infrastructure Spending
The Russian Government plans to spend US$30bn on capital
investments in 2011, including US$23bn on construction, RF Capital Investments in 2011
thereby significantly impacting demand for construction steel US$bn
35
Ongoing programmes include: 30
○ New construction related to Sochi 2014 26
26
○ Infrastructure development for APEC summit in 20 21
Russian Far East in 2012
18
○ Academic city in Yekaterinburg 13
11
○ Russian Far East development programme
9
○ Transport system development
○ Energy generation plant in Novovoronezhsk
0
2006 2007 2008 2009 2010 2011
Confirmed projects expected to start in 2011 include:
○ Highway construction between Moscow and St.
Petersburg Construction Spending in 2011
○ Innovations centre at Skolkovo
○ Fourth motorway ring around Moscow 23%
30%
Russia has committed to invest $50bn in preparation for the
2018 FIFA World Cup, including $3.8bn on stadiums and
$11bn on infrastructure projects. EVRAZ estimates that 2018 5%
World Cup steel requirements for construction of stadiums
(13 to be built and 3 to be renovated), hotels and local
infrastructure (highways, bridges) may amount to 2-2.5 mt
16% 12%
As a premier producer of construction products in Russia, 14%
EVRAZ is well positioned to benefit from these extensive Infrastructure
Housing for the military
infrastructure investments Residential housing
Healthcare, education, recreational objects
Power objects
Other
Sources: Federal Capital Investment Programme, Morgan Stanley

21. 21
Outlook
High input prices and growing demand should provide support for steel prices across our operations
2Q 2011 EBITDA is expected to be in the range of US$750-825 million
Net debt/LTM EBITDA expected in the range of 2.4-2.9 on 30 June 2011, further reduction expected by
year end

22. 22
Summary
The markets for our products continued to recover in 2010, particularly the Russian construction
steel market
EVRAZ was able to benefit from enhanced steel prices with limited exposure to rising raw
material prices
Much improved liquidity position following refinancing focus in 2010, further deleveraging expected
Renewed investment in production modernisation and product quality set to bear fruit in 2011
and beyond
Company now on sound footing to achieve further growth

23. 23
Appendices

24. 24
1Q 2011 Operational Results
◦ Production of steel and major rolled products increased in 1Q11 to 4.4 mt and 4 mt respectively as a
result of completion of converter shop modernisation in Russia at the end of 2010 and improved demand
in key markets
◦ Pricing for major product groups increased, reflecting continuous recovery in all the world markets.
◦ Iron ore production grew up as a result of efficiency improvements
◦ Coking coal production decreased from 2.2 mt in 4Q10 to 1.8 mt in 1Q11 due to one-off events such as
longwall repositioning and temporary closure of a mine for air-gas mix monitoring
‘
Production of Rolled Products by Quarters, 2010
‘000 tonnes
1,400
1,200
1,000
800
600
400
200
0
Semi-finished Construction Railway products Flat-rolled products Tubular products Other steel products
products products
1Q10 2Q10 3Q10 4Q10 1Q11

25. 25
1Q 2011 Rolled Products Output by Assets
Russia North America
‘000 tonnes ‘000 tonnes
3,500
2,856 2,858 800
3,000 2,757 668 658
2,596 149 2,648 162 700 638
128 71 148 75
627 630
146 77
2,500 90 430 75 349 387 600
360 353 259 199
193 235
2,000 500 216
923 1,020 1,003
1,500 913 967 400
239 264
300 206 215 203
1,000
1,282 200
1,106 1,107 1,162 1,231 90 94 94 117
500 116
100
104 94 93 89 80
0 0
1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
Semi-finished Construction Railway Flat-rolled Other steel Construction products Railway products Flat-rolled products Tubular products
Europe South Africa
‘000 tonnes ‘000 tonnes
400 369 300
330
350 299 36
7 283 250
300 248 4 5 200
250 154 157
6 141 149 146
200 274 302
150 8
7
9 7 8
266 247 79
150 205 100 71
98 85 90
100
50 40 54
50 48 49 43
36 49 29 31 32 7 28 17
0 0
1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
Semi-finished products Construction products Flat-rolled products Other steel
Construction products Flat-rolled products Other steel products

26. 26
Steel Products: Sales by Market
’000 tonnes US$ mln
6,000 4,000
5,665
5,543 3,641
3,500
5,000
4,424 3,000
4,123 2,802
4,000
2,364
2,500
2,299
2,147 2,147
3,000 2,000
2,662
1,500
2,073
2,000
1,472 1,018
1,000
1,215
872 602 696
1,000 406
642 500 343 376
563
533
0 0
Russia CIS Europe Americas Asia Africa & Russia CIS Europe Americas Asia Africa &
RoW RoW
2009 2010 2009 2010

27. 27
Revenue: Geographic Breakdown
2009 2010
Other Africa & RoW Other Africa&RoW
Asia 3%
4% Philippines Asia
Philippines 5% 2% 4%
3% Taiwan
Taiwan 3%
2% Thailand
Thailand Russia 4%
3% 31% Russia
China
34%
China 3%
5% Middle East
5%
Middle East
8% Europe
Ukraine
2% 10%
Other CIS
Europe 3% Ukraine
9% 4%
Other CIS
Americas Americas 4%
25% 24%

28. 28
Cost Structure by Segment
Cost Structure of Steel Segment
Cost Structure of Steel Segment Cost Structure of Mining Segment
Cost Structure of Mining Segment
13% 13%
9% 8%
4% 19%
6% 24%
8%
9% 5%
7% 4% 15%
16%
9% 10%
21% 17%
11% 15%
13%
14% 28% 25%
9%
19% 9% 9%
14% 8% 9%
2009 2010 2009 2010
Iron ore Coking coal Scrap Raw materials Transportation Staff costs
Other raw materials Semi-finished products Transportation Depreciation Energy Other
Staff Depreciation Energy
Other
Cost Structure of Vanadium Segment
Cost Structure of Vanadium Segment
24% 25%
10% 14%
9%
9%
11%
12%
46% 40%
2009 2010
Raw materials Staff costs Depreciation
Energy Other

29. 29
Domestic Steel Sales and Price Dynamics
kt $/t
1,600 1,500
1,200
1,200
900
800
600
400
300
0 0
Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11
Flat Products (lhs) Long Products (lhs)
HRC Domestic Rebar Domestic Price (rhs)
Sources: Metal Courier, Morgan Stanley

30. 30
Key Investment Projects
Project Total Cum CAPEX 2011 Project Targets
CAPEX by 31.12.2010 CAPEX
Reconstruction of rail mill at $485m $225m $130m ◦ Capacity of 950k tonnes of high-speed rails, including
NKMK 450k tonnes of 100 metre rails
◦ On-stream by 2013
Reconstruction of rail mill at $60m $40m $20m ◦ Production of higher-quality rails
NTMK ◦ 550k tonnes capacity
◦ On-stream by 2012
Pulverised coal injection (PCI) $320m $40m $175m ◦ Lower coke consumption from 420 to 320 kg/tonne
at NTMK and ZSMK ◦ No need for gas consumption
◦ On-stream by 2013
Reconstruction of mechanical $40m $8m $25m ◦ Production of higher-quality wheels
area at NTMK wheel & tyre ◦ On-stream by 2011
mill
Construction of Yuzhny and $260m $0m $80m ◦ Capacity: 450 ktpa of construction products each mill
Kostanay rolling mills ◦ On-stream by mid-2013
Expansion of Kachkanar mine $80m $0m $50m ◦ Iron ore production to be increased to 55 mtpa
◦ On-stream by 2012
Development of Mezhegey TBD $70m* $27m ◦ Maintaining self-sufficiency in high-quality hard coking
and Eastern field coal coal after depletion of existing deposits
deposits (Tyva, Russia) ◦ On-stream by 2015 and 2021 respectively
* Acquisition of Mezhegey and Mezhegey East licences

31. 31
Adjusted EBITDA
Year ended 31 December
(millions of US dollars) 2010 2009
Consolidated Adjusted EBITDA reconciliation
Profit from operations 1,330 195
Add:
Depreciation, depletion and amortisation 925 979
Impairment of assets 147 180
Loss on disposal of property, plant & equipment 52 39
Foreign exchange (gain) loss (104) (156)
Consolidated Adjusted EBITDA 2,350 1,237

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Disclaimer
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 Group S.A. (EVRAZ) or any of its subsidiaries in any jurisdiction 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 communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment
professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high
net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this document or any
of its contents.
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 our 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 EVRAZ Group S.A. 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.

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