1. EVRAZ GROUP
Merrill Lynch
Russia & CIS
1X1 Forum
November 17-20, 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 2007 EBITDA per Tonne of Steel Sales
CIS US$
600
Enhance cost leadership position 514
500
387
400
Expand presence in international plate 325
markets 300 260
216 214
197 190
200 180 178 167
Complete vertical integration and 144 139
88
competitive mining platform 100 63
0
POSCO
Achieve world leadership in vanadium business
NLMK
MMK
Nucor
Gerdau
China Steel
Baoshan Steel
ArcelorMittal
Mechel Steel
US Steel
Maanshan Steel
Usiminas
Evraz
CSN
Nippon Steel
Sources: IISI, Renaissance Capital estimates

4. 3Q08 Results 04
◦ 3Q08 consolidated revenue amounted to US$6.5 3Q08 Steel Sales by Region
US$ mln
billion on 4.3 million tonnes of steel sales 204
◦ Russian and CIS sales accounted for 45% of the 868
total revenue
2,057
◦ Demand and prices for majority of steel products
were still high in most of 3Q08 contributing to
overall strong performance
1,492
162
486
Russia CIS Europe Asia Africa
3Q08 Consolidated Revenue by Segment 3Q08 Rolled Products Sales*
US$ mln ‘000 tonnes
586 170
307
340
1,095
338
767
5,269 1,392
600
Semi-finished products Construction products Railway products
Steel Mining Vanadium Other
Flat-rolled products Tubular products Other steel products
*Excluding inter-company sales

5. 9M08 Financial Highlights 05
◦ Revenue for the nine-month period was US$17,100 million
◦ EBITDA was US$5,951 million with EBITDA margin of 34.8%
◦ Depreciation amounted to US$869 million
◦ Interest expense was US$472 million
◦ Total debt as of September 30, 2008 amounted to approximately US$10,214 million including
US$4,143 million of short-term loans and current portion of long-term loans
◦ Cash and cash equivalents at the end of the period stood at approximately US$623 million
◦ Capital expenditures amounted to US$900 million in 9M08
◦ Total steel products sales in 9M08 amounted to 13.7 million tonnes
Rolled Products Sales Volumes* US$ mln
Revenue by Product
‘000 tonnes
528
579 516 1,082
3,108
4,163
2,146
2,628
1,830
4,415
4,439 1,737
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
*Excluding inter-company sales

6. Current Debt Portfolio 06
◦ As of 30 September 2008, the total debt amounted to US$10,214 million, including US$4,143
million of short-term debt maturing within 12 months of the reporting date
◦ 93.4% of the total debt is denominated in USD, 3.0% in RUR and 3.3% in EUR; for short-term
debt it is 89.2% in USD, 7.1% in RUR and 2.9% in EUR
◦ 9M08 interest expense was US$472 million
◦ In the next 12 months total interest payments will amount to approximately US$700 million
Debt Maturity Short-Term Debt Structure
US$ mln US$ mln
2,500 2,500
2,203
2,069
201
2,000 1,796 2,000 300
1,500 1,500 925
805
1,047
1,000 801 747 764 1,000
700 244
800
500 500
719
23 12 10 276
0 0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009
Eurobond 2009
Syndicated $3.2b loan payments
Term loans
IPSCO bridge
Other revolving debt

7. Russian Operations Construction Products Consumption
07
and Russia’s GDP Growth*
◦ Total Russian steel sales in 3Q08 amounted to 1.8 ‘000 tonnes
million tonnes generating US$ 2.1 billion in 7000 25.0%
revenues 6000
20.0%
◦ The pricing environment was favourable for most 5000
15.0%
part of the year but in 3Q08 prices for construction 4000
products started to decline reflecting seasonal 3000
10.0%
decline in demand and freeze of construction 2000
5.0%
projects caused by uncertainty on financial markets 1000
0 0.0%
2003 2004 2005 2006 2007 2008F 2009F 2010F
Rebars Angles, channels, sections GDP growth
*2008-2010 Evraz estimates
3Q08 Evraz Russian Market
Rolled Products Sales Volumes Price Environment
‘000 tonnes US$/t
115 1 600
228
89
1 400
1 200
1 000
411 800
600
980 400
200
0 1 -0 7 0 4 -0 7 0 7 -0 7 1 0 -0 7 0 1 -0 8 0 4 -0 8 0 7 -0 8 1 0 -0 8
Semi-finished products Construction products H-beams Rebars (CPT, Moscow)
Railway products Flat-rolled products Channel 10-16 (CPT, Moscow) Turkey Rebars, export (FOB)
Other steel products
Source: Metal-Courier

8. North American and European Operations 08
◦ North America: Flat-Rolled & Tubular non-Russian Prices
◦ 3Q08 steel sales revenues were US$1.5 billion on US$/t
the back of 0.9 million tonnes of shipments
1,900
◦ Substantial growth of flat and tubular products sales 1,700
volumes due to Claymont Steel and IPSCO Canada 1,500
consolidation 1,300
◦ Evraz Inc. Canada’s pipe-making capacity is fully 1,100
900
booked until 2010
700
◦ Europe: 500
◦ In 3Q08 steel sales were stable amounting to 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
Flat, Europe Flat, NA Tubular, NA Flat, SA
385,000 tonnes and generating US$486 million
3Q08 Evraz North American Market 3Q08 Evraz European Market
Rolled Products Sales Volumes Rolled Products Sales Volumes
‘000 tonnes ‘000 tonnes
28 15
106
64
306 125
37
242
330
Semi-finished products Construction products Railway products
Construction products Railway products
Flat-rolled products Tubular products Flat-rolled products Other steel products

9. Mining 09
◦ 1H08 Mining EBITDA increased by 134% to US$796 million and hedged US$84 per tonne of
crude steel
◦ 11.3 million tonnes iron ore output in 1H08, increasing self-coverage to 93%
◦ 1H08 Iron ore production cost of US$60/t in Russia and US$25/t in Ukraine
◦ Coking coal production almost fully covered* steel making requirements for coal in Russia and
Ukraine in 1H08
◦ In 9M08, including inter-company shipments, iron ore sales volumes totalled ~15.3 million tonnes,
and coal sales consisted of 5.5 million tonnes of coking coal and 2.9 million tonnes of steam coal
◦ In 3Q08 and 9M08, mining segment generated respectively US$338 million and US$836 million of
revenues
1H08 Coking Coal Balance 1H08 Iron Ore Balance
‘000 tonnes ‘000 tonnes
8,000
13,500
7,000
12,000 771
788
6,000 1,392 10,500 1,083 1,335
1,012 1,564
5,000 9,000
604
4,000 7,500
3,397 6,000
3,000 10,040
5,402 4,500
4,390 8,624
2,000
3,000
1,000 1,518 1,500
0 0
Gross Consumption Coke sales Steel Making Evraz production 40% of
Production Consumption
Needs Raspadskaya
production
Russia Ukraine 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

10. Price Dynamics 010
Iron ore fines, delivered, $/tonne US plate and HRC prices, $/tonne
250 1,800
200 1,500
1,200
150
900
100
600
50 300
0
0
Dec ’03
Jun ’04
Dec ’04
Jun ’05
Dec ’05
Jun ’06
Dec ’06
Jun ’07
Dec ’07
Jun ’08
Dec ’08
Dec ’04 Dec ’05 Dec ’06 Dec ’07 Dec ’08
India-China, spot Australia-China, contracts
Plate HRC
Billets vs ferrous scrap, $/tonne EU plate and HRC prices, EUR/tonne
1,500
1,000
1,200
800
900
600
600 400
300 200
0 0
Dec ’03
Jun ’04
Dec ’04
Jun ’05
Dec ’05
Jun ’06
Dec ’06
Jun ’07
Dec ’07
Jun ’08
Dec ’08
Dec ’06 Jun ’07 Dec ’07 Jun ’08 Dec ’08
Billets, FOB Black Sea Billet, FOB Turkey
Scrap, FOB Rotterdam Plate HRC
Source: Steel Business Briefing Source: Steel Business Briefing, Troika estimates

11. Evraz’s Global Business 011

12. +7 495 232-1370
IR@evraz.com
www.evraz.com