The document summarizes Wermuth Asset Management's investor trip on 20 October 2010. It includes a disclaimer on the information provided, an overview of Evraz Group as a leading global steel and mining company, and highlights of Evraz's financial and operational performance in 1H 2010. The document also discusses Evraz's growth strategy, key investment projects, and market developments for steel and raw materials.

1. Wermuth Asset Management Investor Trip
20 October 2010
Giacomo Baizini, CFO

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 Group in Brief 03
◦ World-class steel and mining company, 14-th largest steel company globally in 2009
◦ 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 2009, Evraz produced 15.3 million tonnes of crude steel and sold 14.3 million
tonnes of rolled products
◦ 2009 consolidated revenue amounted to US$9.8 billion; EBITDA was US$1.2 billion
◦ GDRs are listed on London Stock Exchange; market capitalisation of
approx. US$13.4 billion

4. Evraz’s Global Business 04

5. 05
1H 2010 Financial Highlights
Consolidated Revenue and EBITDA
◦ In 1H10 Group revenue rose by 38% vs. 1H09, largely
US$ mln
driven by increase in sales volumes of steel products and
higher average prices 10,723
9,657
10,000
◦ 1H10 Group EBITDA advanced by 147% reflecting 8,000
6,379
revenue expansion and cost control 6,000 4,639 5,133
3,706
◦ 1H10 Mining segment EBITDA more than quadrupled,
4,000
2,000
2,509
1,154
largely due to the growth in iron ore and coal prices 468 769
0
◦ EBITDA margin improved from 10% in 1H09 to 18% in 1H08 2H08 1H09 2H09 1H10
1H10 Revenue EBITDA
Revenue Drivers in 1H10 vs. 1H09 Consolidated Adjusted EBITDA
US$ mln US$ mln
7,000 1,121 6,379
1,400 1,154
6,000 619
1,200 85
81
5,000 4,369
1,000
390
4,000
800
468
3,000 600
70
2,000 400 94
738
1,000 200 389
0 0 (34)
(51) (140)
1H09 Revenue Volumes Prices 1H10 Revenue -200
1H09 1H10
Steel Mining
Vanadium Other operations
Unallocated subsidiaries & eliminations

6. Steel: Product Mix Improvement 06
◦ Recovery in demand for construction and railway products in Russian market raised the proportion of finished
products in the portfolio
◦ Share of construction products increased from 25% to 32%
◦ Share of semi-finished products fell from 40% to 29%
◦ Share of Group’s sales volumes in the Russian market increased from 29% to 33% following recovery in domestic
demand
◦ Domestic sales of Russian and Ukrainian operations advanced from 44% to 53%
Steel Product Sales Volumes by Operations
Steel Product Sales Volumes by Operations Steel Sales Volumes by Product
Steel Sales Volumes by Product
’000 tonnes ’000 tonnes
6,000 5,532
5,187 3,000 2,704
5,000 2,470
2,500 2,262
export
4,000 1,834
2,000
47%
3,000 56% 1,500 1,304
974 887
2,000 1,000 821
1,276
53% 944
391 436
1,000 44% 603 500
413 279 303 186268
domestic
0 0
Russian & North American European South African Semi- Construction Railway Flat-rolled Tubular Other steel
Ukrainian finished
1H09 1H10 1H09 1H10

7. Recent Market Developments 07
US$/t
Evraz Selling Prices
◦ Overall growing trend in steel prices is driven by 900
demand recovery and increases in input costs 800
◦ International prices for semi-finished steel declined in 700
May-June due to seasonal and regulatory factors but 600
stabilised in July 500
◦ Russian domestic demand for construction steel is
400
300
expected to be approx. 10% higher in 2010 than in
2009 200
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10
◦ Anticipated steelmaking capacity utilisation in 4Q10: Slabs, Russia, export* Billets, Russia, export*
Rebars, Russia, FCA Plate, North America, FCA
◦ Russia – to remain >95%
* Weighted average contract prices
◦ North America – >95%
◦ Czech Republic – temporarily closed since July
◦ South Africa – >95% Vanadium Prices, FeV, LMB
◦ Russian mining assets are running at 75% capacity in US$/kg V
coal and 90% in iron ore
40
◦ Vanadium expected to perform better than steel as 35
vanadium usage rates in the emerging markets’ steel 30
production sector approach the levels of industrially 25
developed countries
20
15
Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10

8. Consumption of construction steel in Russia 08
12 100
mln.t. mlm sq.m.
90
10
1,0 1,1
0,8 1,0 80
0,9 1,6
8 1,6 1,3 1,6
0,8 1,3 70
1,4 1,1 0,6 1,3
1,1 1,3
6 0,5 1,1 60
1,0
0,9 0,9
0,8
0,7 50
4
5,8 6,2 5,8 6,1 40
5,5
4,5 4,9
2 4,1
30
0 20
2007 2008 2009 2010B 2011F 2012F 2013F 2014F
Rebar Channels Angles Beams Buildings completion, mln.m2
Recovery of construction steel product consumption began in 2010
Increase of shaped sections demand vs. rebar might be greater in the next years due to infrastructure
projects development
Sources: Rosstat, Railway statistics, Customer service statistics, Metal Courier, Rusmet
8

9. Growth Strategy 09
Product mix improvements
◦ Modernisation of rail mills enabling the production of high value-added products
◦ Upgrade of wheel shops
◦ Shift to production of American Petroleum Institute certified slabs and other enhanced quality higher
margin steel products
◦ Product mix expansion geared to local market demand (new rebar grades, beams, pipe blanks, sheet)
◦ Exploring opportunities for development of construction steel rolling capacities in regions with high
demand
Raw material base development
◦ Development of a coal deposit in Yerunakovsky region of Kuzbass
◦ Expansion of resource base and development of the Mezhegey coal deposit
◦ Increase of own iron ore production and supplementary exploration at existing sites
Cost-saving measures
◦ Implementation of pulverised coal injection projects at the Russian steel mills to eliminate usage of
natural gas in blast furnaces and reduce consumption of coking coal. Added effect will be an increase
in pig iron production volumes and, therefore, crude steel production
◦ Cost saving programmes in place, yielding US$20-30m efficiency gains a year at each plant
Increase in production volumes
◦ Reconstruction of 4th converter and 3rd slab machine at NTMK should increase 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

10. Key Investment Projects 10
◦ CAPEX in 2010 expected to be around US$950m vs. US$441m in 2009
◦ Approximately US$550m of 2010 CAPEX to be directed to increasing productivity
and development projects, key projects being:
Project Total CAPEX Cum CAPEX by 2010 CAPEX Project Targets
31.12.09
Reconstruction of rail US$440m US$30m US$220m ◦ Capacity of 950k tonnes of high-speed rails, including
mill at NKMK 450k tonnes of 100 metre rails
◦ On-stream by 2013
Reconstruction of rail US$55m US$28m US$27m ◦ Production of higher-quality rails
mill at NTMK ◦ 550k tonnes capacity
◦ On-stream by 2012
Pulverised coal injection US$320m US$0m US$40m ◦ Lower coke consumption from 420 to 320 kg/tonne
(PCI) at NTMK and
ZSMK
◦ No need for gas consumption
◦ On-stream by 2013
BOF workshop US$260m US$230m US$20m ◦ Modernisation of production
reconstruction NTMK ◦ Increasing capacity from 3.8 to 4.2 mtpa
◦ On-stream by 2010
Reconstruction of CCM US$60m US$5m US$40m ◦ Modernisation of production
Slab №3 NTMK ◦ Further increase in steelmaking capacity from 4.2 to
4.5 mtpa
◦ On-stream by 2010
Reconstruction of wheel US$100m US$87m US$13m ◦ Production of higher-quality wheels
& tyre mill (heat
treatment shop) NTMK
◦ On-stream by 2010
Development of TBD US$1m Less than US$90m, ◦ Maintaining self-sufficiency in high-quality hard coking
Mezhegey coal deposit including license coal after depletion of existing deposits
cost ◦ On-stream by 2015

11. Summary 11
◦ Focus on infrastructure markets and vertical integration into raw materials
◦ Gradual recovery in the key markets after the crisis
◦ Rapidly rising raw material prices provide support for steel prices and create
cost pressure, especially for non-integrated steel producers
◦ Increase in the proportion of finished products in the mix reflecting demand
improvement in key markets of Russia and North America
◦ Strategic focus on operational efficiency, modernisation of existing capacities,
development of mining base and integration of international assets
◦ Improved demand and stronger pricing environment together with our cost
leadership leave us well positioned to fully capitalise on the market recovery

12. Appendices

13. Steel Price Dynamics 13
Produsers of construction steel (ExW), RUB/trub./t without VAT
Prices prices on structerals (exw), excluding VAT
30 000
Rebar
Angles
25 000
Channels
20 000
15 000
10 000
1Q.07 2Q.07 3Q.07 4Q.07 1Q.08 2Q.08 3Q.08 4Q.08 1Q.09 2Q.09 3Q.09 4Q.09 1Q.10 2Q.10 3Q.10
Price of construction steel achieved the level of 2007
There was a substantial increase of construction steel prices in 2Q 2010
Source: Metal-Expert, Metal Courier, Rosstat, Evraz estimates 13

14. Cost Dynamics 14
◦ Growth in scrap, coking coal and iron ore prices in 1H Cash Cost*, Slabs & Billets
2010 increased steelmakers’ costs US$/t
◦ This cost increase was significantly offset by Evraz’s
450
400
402
430
high level of vertical integration into iron ore and coking 394
420
341
350
coal 285
300
◦ Consolidated cost, approx. 65% of which is Rouble 250
253 324
denominated, was negatively impacted by 10% Rouble 200 224
268
appreciation vs. US dollar compared to 1H09
150
◦ Increase in cash cost of coking coal concentrate 1H08 2H08 1H09 2H09 1H10
resulted from lower production volumes due to
Slab Billet
postponed longwall repositioning at the Ulyanovskaya
mine * Average for Russian steel mills, integrated cash cost of production, EXW
Consolidated Cost of Revenue, 1H 2010 Cash Cost, Russian Coking Coal and
7% Iron Ore Products
13% US$/t
10%
75
15% 69
63
12% 65
56 55
55 61
6% 5%
47
5% 43
11% 45 50
7% 47
4% 5% 43
35
Iron ore Coking coal Scrap
1H08 2H08 1H09 2H09 1H10
Ferroalloys Purchased semis Auxilliary materials
Electricity Natural gas Staff costs Coal concentrate Iron ore products, 58% Fe
Transportation Depreciation Other
Source: Management accounts

15. Cost Structure by Segment 15
Cost Structure of Steel Segment
Cost Structure of Steel Segment
◦ Rapid rises in coking coal, iron ore and scrap prices
caused an increase in the contribution of raw 19%
11%
9%
materials to steel segment costs 8% 11%
◦ Vertically integrated model largely protects
12%
10%
8%
6%
5%
steelmaking segment from escalation in raw material 5%
10%
6%
14%
prices 5%
11% 13%
◦ Exception is scrap prices, although portion of increase 8%
12% 17%
is managed through the scrap-based price formula for
certain products 1H09 1H10
Iron ore Coking coal Scrap
Other raw materials Semi-finished products Transportation
Staff Depreciation Energy
Other
Cost Structure of Mining Segment
Cost Structure of Mining Segment Cost Structure of Vanadium Segment
Cost Structure of Vanadium Segment
18% 19%
14% 16%
27% 22%
69% 58%
26% 25%
15%
11%
7% 11%
10% 11%
5% 7% 13% 1% 15%
1H09 1H10 1H09 1H10
Raw materials Transportation Staff costs
Transportation Staff costs Depreciation
Depreciation Energy Other
Energy Other

16. EBITDA to FCF Reconciliation 16
US$ mln
1600
1,154 (51)
1200 1,103 (258)
(101)
744 (308)
800
(397)
400
12 51
0
Adjusted Non-cash EBITDA Changes in Income tax CF from Interest and Capex CF from Free cash
EBITDA items (excl. non- working paid operating covenant investing flow*
cash items) capital activities reset activities
(excl. payments (excl.
income tax) capex)
* Free cash flow comprises cash flows from operating activities less interest paid, covenant reset charges, cash flows from investing activities

17. Capital Market Developments 17
◦ RUB15bn (equivalent to US$500 million) 3-year bonds issued in March 2010, swapped into US dollars to
minimise Rouble currency exposure
◦ In May 2010, Evraz drew down US$950 million 5-year Gazprombank loan and repaid US$1,007million VEB loan
◦ In June-July 2010, Evraz refinanced US$357 million Nordea Bank loan due 4Q10 with new 4-year Nordea loan
facilities in the amount US$404 million
◦ In the process of syndication of 5-year pre-export financing facility for up to US$1 billion
◦ In the process of 5-year RUB 15 billion (approx. US$500 million) bond issue
Proportion of Short-term Debt to Total Debt
Proportion of Short-term Debt to Total Debt
US$ mln
10,000 100%
8,482 7,923 7,873
8,000 80%
6,000 46% 60%
4,000 25% 40%
22%
2,000 20%
0 0%
30-Jun-09 31-Dec-09 30-Jun-10
Total Debt Short-term Debt, % of Total Debt

18. Balanced Debt Maturity Profile 18
◦ Total debt of approx. US$7.9bn, net debt of US$7.2bn as of 30 June 2010
◦ Consolidated cash balance of not less than US$500 million constantly maintained
◦ Liquidity (defined as cash and cash equivalents, amounts available under credit facilities and short-term bank
deposits with original maturity of <3 months) totalled approx. US$1,598 million as of 30 June 2010
◦ Declining cost of capital (bond yields have decreased from approx. 10% in October 2009 to around 6%) reflects
improvements in Evraz’s performance and market conditions and permits further refinancing of short-term debt
◦ We intend to further decrease our leverage and extend debt maturities
Debt Maturities Schedule (as of 30 June 2010)
Debt Maturities Schedule (as of 30 June 2010) Breakdown of Short-term Debt*
Breakdown of Short-term Debt*
(as at 30 June 2010)
(as at 30 June 2010)
US$ mln US$ mln
2 000
1 778
1 543
1 600 1 419
593 786
1 200 1 085
996
800 721
509
400
15 11 279
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 Syndicated loans Overdrafts Russian bilateral loans
Q1 Q2 Q3 Q4 * Principal debt (excl. interest accrued)

19. Steel Products Sales by Market 19
’000 tonnes
3,000 2,799
2,518
2,433
2,500
1,950
2,000
1,500 1,307
948
1,000
704
577
442
500 311 310
238
0
Russia CIS Europe Americas Asia Africa & RoW
1H09 1H10

20. 20
3Q 2010 Operational Results
◦ In 3Q10, consolidated crude steel output was 3.9 mt, -9% vs. 3Q09 and -10% vs. 2Q10, mainly due to
scheduled repairs and modernisation at Russian production facilities
◦ Crude steel volumes to be recovered in 4Q as scheduled works are over
◦ Product mix improvement: increase in the finished products volumes
◦ construction products: Russia: +3%, Ukraine: +21%
◦ railway products: Russia: +34%, NA: +20%
◦ flat-rolled products: Europe: +18%, NA: +79%
◦ tubular products: NA: +103%.
◦ Volumes of semi-finished products decreased by 43% vs. 3Q09 and -22% vs. 2Q10, because of the temporary
decline in crude steel output, increasing demand for higher margin products and increase in intercompany
consumption of Russia-produced semis for re-rolling at non-Russian mills
‘000 tonnes ‘
Production of Rolled Products
1,600 -43% +2%
1,400
1,200
1,000 1,229 -4%
1,208 1,210
+31%
800 1,433
600 +103% +29%
1,046
400 636
589 567
814 525 448
200 216 237
342 173
117 135 174
0
Semi-finished products Construction products Railway products Flat-rolled products Tubular products Other steel products
3Q09 2Q10 3Q10
% - year-on-year comparison

21. 21
3Q10 Production of Rolled Products by Assets
Russia North America
‘000 tonnes ‘000 tonnes
3,500
2,896 2,845 2,856 700
3,000 122 2,596 2,648 627 610
79
125 149 600 560
263 76 128 71 146 498
2,500 321 90 430 75 490 193
353 500 216
360
2,000 117 237
936 868 400
139
923
1,500 913 967
300 239
186 206
195 136
1,000
200
1,497 1,455 1,282 79 90
500 1,106 1,107 71 94 94
100
108 92 104 94 93
0 0
3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10
Semi-finished Construction Railway Flat-rolled Other steel Construction products Railway products Flat-rolled products Tubular products
Europe South Africa
‘000 tonnes ‘000 tonnes
350 330 299 300
264 284 7
300 250
4 248 4
250 6 175
6 200 157
200 6 154 149
274 8 141
266 150 5 7 16
150 226 246
205 107
100 98 98 85 90
100
50 50
49 50 62 48 49 43
33 33 36 29
0 0
3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10
Construction products Flat-rolled products Other steel products Construction products Flat-rolled products Other steel products

22. Revenue by Geography of Customers 22
1H 2009 1H 2010
Africa & Africa &
RoW RoW
Other Asian
3% Other Asian 3%
7%
Thailand 11%
3% Russia
China 28% Thailand Russia
5% 4% 34%
China
Middle East 3%
10% Middle East
4%
Ukraine
2%
Europe
Other CIS 9%
Europe Ukraine
3%
9% 4%
Other CIS
Americas Americas 4%
30% 24%

23. Benefiting from Rising Prices for Iron Ore and Coal 23
Raw Material Prices (Domestic Markets)
Raw Material Prices (Domestic Markets)
◦ Volumes of coking coal mined decreased due the US$/t
400
repositioning of longwall at Ulyanovskaya mine
◦
300
Mining segment revenue doubled and EBITDA
200
quadrupled reflecting the growth in prices
◦ A decline in coking coal supplies, following the
100
Raspadskaya mine explosion, led to lower external 0
Jan- Mar- May- Jul- Sep- Nov- Jan- Mar- May- Jul- Sep-
sales of coke and a negative EBITDA effect of approx. 09 09 09 09 09 09 10 10 10 10 10
US$5 million per month
Scrap, Russia, CPT Scrap, USA
Iron ore concentrate, Russia, ExW Coking coal concentrate, Russia, FCA
Iron Ore and Raw Coal Production Mining Segment Revenue* and EBITDA
‘000 tonnes
US$ mln
18,000
2,015
15,000 2,131
2,351 1,120
1,200
12,000 4,998
5,301 3,655 1,000
9,000 800 652
600
6,000 390
8,809 9,955 9,608 400
3,000
200 94
0 0
1H09 2H09 1H10 1H09 1H10
Iron ore products Raw coking coal Raw steam coal Revenue EBITDA
* Includes intersegment sales

24. Mining: Vertical Integration 24
◦ High level of vertical integration into iron ore sustained and continues to mitigate effect of rising raw material
prices
◦ Coking coal volumes decreased due to postponement of longwall repositioning at the Ulyanovskaya mine
◦ Third quarter volumes depressed due to temporary safety shutdowns and safety inspections
Washed Coking Coal (Concentrate) Self-Coverage* Iron Ore Self-Coverage*
‘000 tonnes ‘000 tonnes
117% 12,000
6,000 10,397 10,580
5,288 9,955 9,608
117%
10,000 9,011 8,809
5,000 4,504 84%
4,317 4,348
3,679 RASP 3,642 8,000
4,000
RASP
3,000 6,000
RASP
2,000 4,000
73%** 2,000
98% 96% 91%
1,000 87%** 50%**
0 0
1H09 2H09 1H10 1H09 2H09 1H10
Consumption Production Consumption Production
* Self-coverage, %= total production (for coal, plus 40% of Raspadskaya production) divided by total steel segment consumption
** Coking coal self-coverage excl. 40% Raspadskaya share

25. +7 495 232-13-70
IR@evraz.com
www.evraz.com