1. EVRAZ GROUP
Credit Suisse
2008 Global Steel and
Mining Conference
September 25, 2008

2. Disclaimer 02
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.

3. Evraz Strategy 03
Our Vision is to be a world class steel and mining company and one of the Top 5 most profitable
steelmakers globally by ROCE and EBITDA margin
Advance long product leadership in Russia and CIS 2007 EBITDA per Tonne of Steel Sales
US$
600
514
Enhance cost leadership position 500
387
400
Expand presence in international plate markets 325
300 260
216 214
197 190
200 180 178 167
144 139
Complete vertical integration and competitive 88
100
mining platform 63
0
Nucor
POSCO
NLMK
MMK
China Steel
Baoshan Steel
ArcelorMittal
Mechel Steel
US Steel
Maanshan Steel
Gerdau
Usiminas
CSN
Evraz
Nippon Steel
Achieve world leadership in vanadium business
Sources: IISI, Renaissance Capital estimates

4. 1H08 Financial Highlights 04
1H08 EBITDA
185 14
◦ Revenue increased by 78% to US$10.7 million driven by US$ mln
stronger pricing and successful acquisitions
◦ EBITDA soared by 82% to US$3,700 million 796
◦ Share of Russian revenues decreased to 40% and sales in
European and American markets generated 31% of revenue 2,705
◦ Mining segment EBITDA hedged US$84 per tone of crude steel
Steel Mining Vanadium Other and unallocated
Steel Sales Volumes* 1H08 vs 1H07 1H08 Revenue by Region
‘000 tonnes US$ mln
10,000
319 12,000
9,000 431 404
8,000 195 1,331 441
10,000
1,053 1,543
7,000 1,195
6,000 1,079 8,000 1,763
5,000 106 788
2,618 3,148 6,000
4,000 820 1,911
961
3,000 4,000 277
1,068
2,000
3,090 2,987 2,000 4,280
1,000 2,786
- -
1H2007 1H2008 1H07 1H08
Russia Asia CIS Americas Europe Africa & RoW
Semi-finished products Construction products
Railway products Flat-rolled products
Tubular products Other steel products

5. Prudent Balance Sheet Management 05
◦ Despite additional funding for new acquisitions LTM Net Debt /EBITDA remains in line with a
long-term target
◦ US$2 billion of long-term bond financing for 5 and 10 years raised at average cost of 9.1%
◦ ROCE maintained flat at 35% and RoA decreased to 15%
Net Debt-to-EBITDA Ratio Total Assets and Return on Capital
US$ mln US$ mln
12,000 1.8 30,000 60%
1.5 1.6
1.6 24,234
10,000 25,000
10,165 1.4
8,000 9,246 1.2 38% 35% 35% 40%
20,000
1.0
6,000 6,756 15,000 18,634
0.7 6,404 0.8
19%
4,000 0.6 10,000 16% 15% 20%
0.4 8,510
2,000 2,596 5,000
1,729 0.2
0 0.0 0 0%
2006 2007 1H08LTM 2006 2007 1H08LTM
(2)
Total Debt Net Debt (1) Net Debt/EBITDA Total Assets ROCE RoA (3)
(1) Net Debt equals total debt less cash & cash equivalents, short-term bank deposits and loans from related parties
(2) ROCE represents profit from operations over total equity plus interest bearing loans and finance lease liabilities average for the period
(3) RoA represents net income over total assets average for the periods

6. Steel 06
Steel Segment Revenue* Breakdown
◦ Average steel price grew by 41% y-o-y to US$887 per tonne due US$ mln 277
770
1 963
to improved market conditions and increased share of higher 534
margin products
◦ Construction products revenues soared by 58% y-o-y on the
back of a 20% increase in sales volumes 1 608
◦ Substantial growth of revenues from tubular (+110% y-o-y ) and
flat-rolled (+81% y-o-y) products sales mainly due to North 2 808
American operations 1 133
◦ Sales volumes of semis declined by 6% y-o-y with slab sales Semi-finished products
Railway products
Construction products
Flat-rolled products
decreasing by 19% Tubular products Other steel products
Vanadium Other revenues
Steel Sales Volumes* 1H08 vs 1H07 Steel Segment Costs
‘000 tonnes 10%
10,000 319 6%
431 404
8,000 195 1,331 6%
1,053
1,195
6,000 1,079 4%
63%
2,618 3,148
4,000 7%
2,000 4%
3,090 2,987
- Raw materials Transportation
1H2007 1H2008 Staff costs Depreciation
Semi-finished products Construction products Energy Other
Railway products Flat-rolled products SG&A
Tubular products Other steel products
*Steel segment sales volumes to third parties

7. Russia 07
◦ Russian steel revenue grew by 44% in 1H08 fuelled by domestic construction growth and
strong pricing
◦ Steel sales volumes of 3.8 million tonnes almost flat y-o-y with a shift in sales mix towards higher
margin products
◦ Substantially all volumes of long products produced by our Russian mills were sold into
the local market
◦ Construction products revenues increased by 54% y-o-y with a 19% increase in sales volumes
◦ Railway products: revenues grew by 53% with sales volumes increasing by 10%
Russian Market Sales Volumes Average Prices for Steel Products in Russia*
‘000 tonnes US$/t
1,000 947
4,500 914 917
832
338 262 800
185 707
214 681 682 669
3,000 733 810 567
600 541
400
1,792 2,134
1,500
200
753
463
- 0
1H07 1H08 Semi-Finished Construction Railway Flat-rolled Other
Semi-finished products Construction products 1H07 1H08
Railway products Flat-rolled products
Other steel products
* Evraz average realized prices for 1H08

8. Construction Steel Market in Russia 08
◦ Russian & CIS steel demand remained strong
US$/t
Prices for Construction Products
◦ Rebar market grew by 17% in 1H2008 y-o-y 1 600
with Evraz sales of rebars up by 20% 1 400
◦ Section market increased by 3% y-o-y while
1 200
1 000
Evraz sections sales volumes increased by 19% 800
◦ US$1,800 million to be invested in re-rolling 600
facilities during 2008-2012 to increase Russian 400
shipments by 3 million tonnes products (+40% to 200
0
2007 volumes) 01-07 04-07 07-07 10-07 01-08 04-08 07-08
H-beams Rebars (CPT, Moscow)
Channel 10-16 (CPT, Moscow) Turkey Rebars, export (FOB)
Source: Metal-Courier
Rebar Market Sections Market
‘000 tonnes ‘000 tonnes
9,000 5,000
8,000 4,500
4,000 3,800
7,000
5,886
6,000 3,500
4,860 2,886
3,000 2,516 2,715
5,000
3,276 3,730 2,500
4,000
2,000
3,000 1,500
2,000 1,000
1,000 500
0 0
2004 2005 2006 2007 2008F 2009F 2010F 2004 2005 2006 2007 2008 2009 2010
Source: Evraz market estimates Source: Evraz market estimates

9. North America 09
Price Environment
US$/t
◦ Average steel price grew by 22% to US$1,155 per tonne 2,000
◦ Substantial growth of flat products sales volumes due to
1,500
Claymont Steel consolidation (+182 thousand tonnes)
◦ Revenues from rail sales increased by 15% 1,000
◦ IPSCO Canada operations consolidated since June 12, 2008, 500
contributed US$85.6 million to revenues and 59 thousand
tonnes to the sales volumes 0
◦ All operations integrated under single unified management 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
with HQ in Portland (Oregon) Construction products Railway products
Flat-rolled products Tubular products
North America Market Sales Volumes Average Prices for Steel Products*
1,500 ‘000 tonnes US$/t
1,600
1364 1325
1,400 1322
401 1,200 1102
1,000
1,000
338 789 819 865
415 800 670
500 198 600
228 248 400
197 229 200
-
0
1H07 1H08
Construction Railway Flat-rolled Tubular
Construction products Railway products
1H07 1H08
Flat-rolled products Tubular products
*Evraz average realised prices for 1H08

10. Evraz Inc. Canada (IPSCO Canada) 010
◦ IPSCO Canada, acquired in June 2008 for US$2.4 billion represents another successful strategic
move in Evraz geographic diversification
◦ 2H08 EBITDA is expected to amount to US$400 million with revenue of US$1,150 million
◦ Crude steel production is expected to contribute 507 thousand tonnes to Evraz consolidated
production in 2H08
◦ In 2H08 Evraz Inc. Canada plans to sell 590 thousand tonnes of rolled products
◦ Pipe-making capacity is fully booked until 2010
◦ Average revenue per tonne in 2H08 is forecasted to be approximately US$1,900
2H08 Planned Product Mix Cost Breakdown
‘000 tonnes 2%
8%
180 5%
220
85%
190
Raw materials & services Energy
Flat products Tubular products Casing and Tubing Staff costs Depreciation

11. Mining 011
1H08 Mining Segment Costs
◦ EBITDA increased by 134% to US$796 million 13%
◦ 11.3 million tonnes iron ore output, increasing self-coverage to 93%
28%
◦ Iron ore production cost of US$60/t in Russia and US$25/t in Ukraine
◦ Coking coal production almost fully covered* steel making
16%
requirements for coal in Russia and Ukraine 5%
◦ Coking coal cash cost amounted to US$36 per tonne 8%
◦ Revenue from steam coal sales amounted to US$160 million with 2.2 17%
million tonnes of shipments 13%
Raw materials Transportation
Staff costs Depreciation
Energy Other
SG&A
1H08 Coking Coal Balance 1H08 Iron Ore Balance
‘000 tonnes ‘000 tonnes
8,000 13,500
7,000 12,000 771
1,392 788 10,500 1,083 1,335
6,000
1,012 9,000 1,564
5,000 604 7,500
4,000
3,397 6,000
3,000 5,402 10,040
4,500 8,624
2,000 4,390
3,000
1,000 1,518 1,500
0 0
Gross Consumption Coke sales Steel Making Needs Evraz production 40% of
Production Consumption
Raspadskaya
Russia Ukraine production Russia Ukraine S.Africa
* Self-coverage is calculated as a sum of coking coal production by Mine 12, pro forma Yuzhkuzbassugol production and pro rata to Evraz’s ownership production of
Raspadskaya , in coal concentrate equivalent, divided by group’s total coking coal consumption excluding coal, used in production of coke for sale to third parties

12. Yuzhkuzbassugol 012
◦ The development programme to 2018 was approved with an objective of meeting internal needs of the
Russian and Ukrainian production facilities
◦ Construction of a new mine Erunakovskaya-8 to be completed in 2010; output of 2 million tonnes of hard
coking coal p.a. to be achieved in 2011
◦ Revamp of Alardinskaya mine will add 1.5 million tonnes of semi-hard coking coal in 2009
◦ Safety and security measures are top priority with US$125 million to be spent on safety in 2008
◦ The 2008 capex is budgeted at US$400 million and the 2009-2011 capex is planned at US$1.2 billion
Coal Production Plan to 2018 Expected Coal Production Mix in 2012
‘000 tonnes
25,000
18%
20,000
31%
15,000
14%
10,000
5%
5,000 32%
0
ZH GZH К,КО,ОS KS Steam
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Coking Steam

13. Mezhegey coal deposit 013
Map of Mezhegey deposit
◦ In July 2008, Evraz won the tender to develop the Mezhegey coal
deposit in the Republic of Tyva, Russian Federation, for US$725 million
◦ World-class coking coal deposit with estimated coal resources of 213.5
million tonnes of hard coking coal (grade Zh under Russian
classification)
◦ Located 800 km east of Novokuznetsk and 45 km south to Kyzyl
◦ Target production of approximately 8.4 million tonnes of coal
concentrate will be reached by 2016
◦ Estimated development cost is US$1.5 billion
~40 km
◦ New production is aimed at replacing depleted hard coking coal
production at existing mines of Yuzhkuzbassugol beyond 2015
Resource coal quality properties:
◦ Ash content fluctuates between 2.8%-23.2%, 10-16% on average
◦ Low-sulfur – sulfur content - from 0.17% to 1.35%, with an average of
0.45%
◦ Low-phosphorous – phosphorous content - from 0.001% to 0.077% with Mezhegey deposit
an average of 0.008%
◦ Volatile matter content - from 31% to 45% with an average of 39%

14. Steel industry outlook 014
◦ Global steel demand is expected to continue to grow, despite softening in the world economic growth
◦ World ex China supply-demand balance will continue to be tough, still largely relying on Chinese export
◦ Demand in China will continue to grow, driven by infrastructure expansion, absorbing almost all long products
output
◦ New capacity additions worldwide affected by project cost inflations, time delays, labour and energy issues
and credit availability
◦ Steel prices will be driven by growing raw materials prices and capacity constraints
Global Steel Operating Rates World Excluding China Demand Growth
(kt) (%)
1600 30% 20.0% est
1400
25% 15.0%
1200
20% 10.0%
1000
800 15% 5.0%
600
10% 0.0%
400 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07
5% -5.0%
200
0 0% -10.0%
1995 1997 1999 2001 2003 2005 2007E
-15.0%
Surplus effectiv e capacity Global apparent demand ov ercapacity Apparent demand growth ex China Trend growth
Source : Credit Suisse estimates Source : Credit Suisse estimates

15. Evraz 2008 Outlook 015
Consolidated revenues are expected to amount to approximately US$23,200- 24,600 million
EBITDA is expected to be in range of US$8,000-8,500 million
FY08 capital investments are budgeted at US$1,500 million
◦ Investment capex: US$1,100 million
◦ Maintenance capex:US$400 million
FY08 Expected Production FY08 Expected EBITDA Breakdown
‘000 tonnes
25,000
9%
20,000 23%
11%
5,200
15,000
8%
22,850
10,000 9,300 19,800 19,600
5,000
4,600 49%
0
Coal Iron ore
Coal * Iron ore Crude steel Steel products Vanadium Russian steel
Non-Russian steel
* Coal production includes 9.3 mln tonnes of coking coal, 4.6 mln tonnes of steam coal and 40% of
Raspadskaya 2008F output
Crude steel and steel products includes output from existing assets, impact from consolidation of
Claymont Steel, Dnepropetrovsk Metal Woks and IPSCO Canada. Steel products also includes pig iron
sales from Russian mills.

16. Evraz’s Global Business 016

17. +7 495 232-1370
IR@evraz.com
www.evraz.com