1. Investor Presentation
September 2012

2. 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 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, the Group 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 the
Group’s control that could cause the actual results, performance or achievements of the Group 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 the Group’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 each of EVRAZ
and the Group 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 or the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements
are based.
Neither the Group, 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.
Investor Presentation, September 2012 1

3. Agenda
 HSE Performance
 Overview of H1 2012 Results
 Liquidity and Financial Position
 Operations by Segment
 Update on Investment Projects
 Key Market Developments and Outlook
Investor Presentation, September 2012 2

4. HSE Performance
 Increase in LTIFR and FIFR vs. H1 2011 Lost Time Injury Frequency Rate (LTIFR)
 Safety remains a key priority 0.94
 Key ongoing safety initiatives: 0.81
 Contractor safety management
 Fall prevention (follow 6S project)
 PPE (Personal Protective Equipment)
 Improvement in workplace conditions
 Tests for drugs and alcoholic intoxication
 Internal safety training
 Key ongoing environmental initiatives:
H1 2011 H1 2012
 Water use: Wastewater dumping reduction programme
(ZSMK, NTMK, Yuzhkuzbassugol, Evrazruda, DMZP); Fatal Injury Frequency Rate (FIFR)
 Air emissions: Air protection equipment upgrade (ZSMK,
DMZ, Claymont);
 Waste management: Waste recycling and reuse 2.02
programmes (ZSMK,NTMK, Vanady Tula) 1.85
H1 2011 H1 2012
* Calculated as the total number of work-related injuries (which resulted in the loss of work time) – LTIFR or fatalities – FIFR/total number of working hours during the period x 1,000,000
Investor Presentation, September 2012 3

5. Overview of H1 2012 Results

6. H1 2012 summary
US$ million unless otherwise stated
H1 2012 H1 2011 Change
Revenue 7,619 8,380 (9)%
EBITDA1 1,175 1,629 (28)%
EBITDA margin 15.4% 19.4% (21)%
Net profit/(loss) (50) 263 (119)%
Dividends for the period (cents/ordinary share) 11c 6.7c 64%
Operating cash flow 1,089 1,594 (32)%
Capex 565 462 22%
Net debt2 6,070 6,442 (6)%
Short-term debt2 1,550 626 148%
Steel sales volumes3 (‘000 t) 7,713 7,946 (3)%
1 EBITDA represents profit from operations plus depreciation, depletion and amortisation, impairment of assets, foreign exchange loss
(gain) and loss (gain) on disposal of property, plant and equipment and intangible assets
2 As at 30 June 2012 and 31 December 2011 respectively; short-term debt includes current portion of finance lease liabilities, including lease liabilities directly associated with
disposal groups classified as held for sale
3 Here and throughout this presentation segment sales data refer to external sales unless otherwise stated
Investor Presentation, September 2012 5

7. H1 2012 financial highlights
Consolidated revenue by segment, $m
 The major factor of the decrease in revenue
was reduced steel sales volumes and prices 8,380
482
 Decrease in revenues and EBITDA was also 320 541
7,619
2,040 263
a result of lower Mining segment contribution 1,383 Other operations
because of lower raw materials volumes and Vanadium
prices 7,492
Mining
7,019
Steel
Eliminations
(1,954) (1,587)
H1 2011 H1 2012
Revenue drivers, $m Consolidated EBITDA by segment*, $m
1,629
8,380 80
7,619 1,175
(437) Vanadium & Other
962
(324) 98 operations
Mining
417
Steel
Unallocated &
744 699 Eliminations
(157) (39)
H1 2011 Revenue Volumes Prices H1 2012 Revenue H1 2011 H1 2012
* Vanadium & Other operations consists in H1 2011 of $(3)m Vanadium segment EBITDA and $83m of Other
operations EBITDA and in H1 2012 of $4m and $94m respectively
Investor Presentation, September 2012 6

8. Net profit reconciliation
$m
20
62 12
10
0
-10
-20
-30
-40
-50
(50)
-60
Reported Net loss Special item: impairment due to reduced pricing outlook Net profit w/o special items
Investor Presentation, September 2012 7

9. Group cost dynamics
 EVRAZ benefits from high level of vertical integration in iron ore and coking coal
 Costs positively impacted by rouble devaluation (more than 50% of the costs are rouble-denominated)
 Steel segment costs benefited from lower raw materials prices: costs of raw materials accounted for 45% of
Steel segment revenues in H1 2012 vs. 51% in H1 2011
 Implementation of cost saving technologies (e.g. PCI), further development of own power generation, progress
of Lean project are expected to help mitigate negative impact of growing energy, transportation and labour costs
Consolidated cost of revenues by cost elements Cash Cost*, Slabs & Billets, $/t
H1 2012, % H1 2011, % 479
of total CoR of total CoR 437 448
426
35% 40% 411 410 403
Raw materials, including 378
Iron ore 6% 8% 350 438
415 401
Coking coal 9% 12% 298 395 379
356 369 372 Slabs
Scrap 14% 14% 333
Other raw materials 6% 6% 280 Billets
Semi-finished products 4% 6%
Transportation 6% 7%
Staff costs 14% 13%
Depreciation 10% 7%
Electricity 5% 5% Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12
Natural gas 4% 4%
Other costs 22% 18% * Average for Russian steel mills, integrated cash cost of production, EXW
Source: Management accounts
Investor Presentation, September 2012 8

10. Liquidity and Financial Position

11. Liquidity and debt maturity profile
 Total debt of $7,833m as of 30 June 2012, having increased as a result of drawing on available credit lines to
increase the cash balance
 Cash and cash equivalents totalled $1,763m ($801m as at 31 December 2011)
 $600m 5-year notes issued in April 2012 at 7.4% rate
 Net debt - $6,070m (6% decrease vs. 31 December 2011)
 Amendments to financial covenants in syndicated loan facilities provide greater financial flexibility
 Long-term target net leverage ratio of below 2x
Debt cost* and average maturity Debt** maturities schedule (as at 30 June 2012), $m
8 5
7.8 4.8
2,000 1,875
7.6 4.6
7.4 4.4
1,400 Q4
7.2 4.2 1,500 1,373
Q3
7 4
1,124
981 Q2
6.8 3.8 1,000
Q1
6.6 3.6 630
500
414
6.4 3.4
6.2 3.2 36
6 3 0
31/12/2010 31/03/2011 30/06/2011 30/09/2011 31/12/2011 31/03/2012 30/06/2012 2012 2013 2014 2015 2016 2017 2018 2019-
2023
% Years
* Weighted average cost of debt
** Principal debt (excl. interest payments)
Investor Presentation, September 2012 10

12. FCF Generation
 Free cash flow generation of $362m
 Further release of working capital achieved
1,175 91
$m
1,132
1,089
(43)
(134)
(233)
92 362
(21)
(565)
EBITDA H1 Non-cash items EBITDA (excl. Changes in Income tax paid Cash flows from Net interest paid Capex CF from Collateral under Free cash flow
2012 non-cash items) working capital operating (incl. realised investing swaps
(excl. income activities gain on swaps & activities
tax) covenants reset (excl.capex and
costs) interest
received)
* Free cash flow comprises cash flows from operating activities less interest paid and cash flows used investing activities
Investor Presentation, September 2012 11

13. Operations by Segment

14. Steel: CIS
 Full economic utilisation of Russian steelmaking capacity Steel product sales, domestic vs. export, Kt
maintained
 Overall steel product sales were flat y-o-y with higher sales 5,541 5,586
of construction products
 Rail sales volumes were negatively affected by planned 5- 32% 33%
month stoppage of the ZSMK rail mill for modernisation since
April (production expected to recommence in October) Export
 Prices of steel products remained flat or decreased over the Domestic
period in response to lower raw material prices 68% 67%
 Prices for construction steel in the domestic market slightly
increased from May 2012 due to seasonal improvement in
the construction market H1 2011 H1 2012
Steel product sales volumes, Kt Steel product revenues
5,541 5,586
512 539
Revenue, $m Revenue, $/tonne
813 788 Products
H1 2011 H1 2012 H1 2011 H1 2012
Other Semi-finished 1,159 1,028 630 607
2,378 2,566 Railway
Construction 1,833 1,933 771 753
Construction
Semi-finished Railway 734 720 903 914
1,838 1,693 Other 422 410 824 761
Total 4,148 4,091 749 732
H1 2011 H1 2012
Investor Presentation, September 2012 13

15. Steel: North America
 Demand in North America has remained strong and steel product sales were stable
 We have successfully expanded into high value added products (head hardened rails, premium connection OCTG tubes, heat
treated seamless pipe)
 Record high steel output and sales of rails in H1 2012
 Rail quality improvement project is on track
 The expansion to the heat treatment facility in Calgary commenced
 The Portland spiral mill returned to operation after having been idle for 3 years
Steel product sales volumes, Kt Steel product revenue
1,321 1,314
Revenue, US$m Revenue, $/tonne
Products
403 371
H1 2011 H1 2012 H1 2011 H1 2012
Tubular
Construction & other
534 Flat-rolled steel products 153 140 927 909
511
Railway Railway 249 266 1,029 1,043
Flat-rolled 578 571 1,131 1,069
242 255 Construction &
other steel Tubular 589 579 1,461 1,561
165 154 Total 1,569 1,556 1,188 1,184
H1 2011 H1 2012
Investor Presentation, September 2012 14

16. Steel: Europe, South Africa
 H1 2012 EBITDA of European operations was $6m despite Steel product sales volumes,
the weak economic environment European operations, Kt
 The loss making heavy section mill at EVRAZ Vitkovice 740
Steel was shut down effective from February 2012
109
 EVRAZ Highveld launched an optimisation programme to 543
38
reduce fixed costs
 Improved working shift schedules in South Africa are Other
631
expected to result in increased workplace safety, reduced 505 Flat-rolled
overtime and higher productivity
H1 2011 H1 2012
Steel product sales volumes,
Steel product revenues South African operations, Kt
Revenue, $m Revenue,$/tonne
343
H1 2011 H1 2012 H1 2011 H1 2012
52
European operations 270
Flat-rolled 598 398 948 788 35
Other 104 37 954 974 183 Other
Total 702 435 949 801 145
Flat-rolled
South African operations Construction
Construction 89 71 824 789 108 90
Flat-rolled 159 121 869 834
Other 36 23 692 657 H1 2011 H1 2012
Total 284 215 828 796
Investor Presentation, September 2012 15

17. Mining: Coal
 Sales of coal products in H1 2012 decreased vs. H1 2011 Coal product sales, Kt
due to
 lower steam coal volumes mined as a result of longwall 4,175*
repositionings at both steam coal mines in Q1 2012
1,295 3,014
 decreased volumes of external raw coal and increased
834
consumption of own coal in production of coal External sales
concentrate
2,880 Intersegment sales
2,179
 A debottlenecking programme at Yuzhkuzbassugol was
launched to stabilise and improve mine production
 Coal mine projects (Yerunakovskaya VIII and Mezhegey H1 2011 H1 2012
Phase 1) are proceeding as planned
* For comparability the number excludes 767 Kt of raw coal purchased by Trading Company
EvrazHolding from market and Raspadskaya for supply to EVRAZ steel mills
Washed coking coal (concentrate) self-coverage, Kt Cash cost, Russian washed coking coal, $/t
90% 80% 88% 71% 96%
98
4,053 4,021
3,850 3,775 3,868
3,722
3,642
3,402 81 79
3,229
70 70 73
2,665 1,066 67
1,451 723 998 62
831 52
246
45
2,506 2,404 1,834 2,656
1,945
H1 2010 H2 2010 H1 2011 H2 2011 H1 2012
Consumption Production excl. Production by Raspadskaya Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12
closed and closed and production
disposed mines disposed mines
Note. (1) Self-coverage, %= total production (plus 40% of Raspadskaya production on pro rata basis) divided by total steel segment consumption
(2) Self-coverage excl. 40% Raspadskaya share: H1 2010 – 54%, H2 2010 – 62%, H1 2011 – 62%, H2 2011 – 49%, H1 2012 – 69%
Investor Presentation, September 2012 16

18. Mining: Iron ore
 In H1 2012 total sales (intersegment and external) of iron ore products were 9.3 mt (-7.6% vs H1 2011) due to decreased use of
external raw iron ore in concentrate production in 2012 and destocking at Sukha Balka in H1 2011
 Cash costs decreased in line with rouble depreciation
 In H1 2012, EVRAZ Russian iron ore operations achieved total $17.5m positive economic effects through operational
improvements
 The project to increase EVRAZ KGOK’s capacity to 55 Mtpa of raw ore is expected to be completed in December 2012
 Feasibility study and project documentation were completed to develop the Sobstvenno-Kachkanarskoye ore deposit at EVRAZ
KGOK and the project is proceeding as planned
 Major reconstruction of Sheregesh mine at Evrazruda was launched to increase production 2.5 times to 4.8 Mtpa by 2016
Iron ore self-coverage*, Kt Cash cost, Russian iron ore products (Fe 58%), $/t
90% 102% 99% 106% 101%
10,635 10,455 10,389
80
9,981 10,232
75 73
71 69 70
64
10,191 10,355 10,814 10,462
9,608 56 57
54
H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12
Consumption Production
* Self-coverage, %= total production divided by total steel segment consumption
Investor Presentation, September 2012 17

19. Vanadium
 EVRAZ’s external sales of vanadium products decreased vs. Ferrovanadium prices (FeV), $/kg contained V
H1 2011 by 17% to $251m, primarily due to lower prices
 As a result of operational improvements EVRAZ Vanady-Tula
achieved record productivity levels of 40 tonnes of V2O5/day
during H1 2012, a 15% improvement compared to production 31.1 30.9
rates in 2010 30.2 30.4
30.0
29.5
 EVRAZ Stratcor vanadium plant in Arkansas launched use 28.9 28.6
28.1
of EVRAZ’s own vanadium slag, to increase synergy levels 27.5
26.0 26.1
25.7 25.6
within EVRAZ 25.3 25.6
24.5
24.2
23.0
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12
Source: LMB
Finished Vanadium product sales volumes, t Vanadium product revenues by region, $m
4 23
9,624 9,599 24
Russia & CIS
Europe
Americas
117
83 Asia
Africa & RoW
H1 2011 H1 2012
Investor Presentation, September 2012 18

20. Update on Investment Projects

21. Key Investment Projects
Cumulative CAPEX by CAPEX in CAPEX in
Total CAPEX 30.06. 2012 H1 2012 H2 2012,
Project $m $m $m $m Project Targets
Project Targets Project targets
Coal ore & coal
Iron & iron ore
o Coal production of 2 mtpa
Yerunakovskava VIII mine construction 390 81 47 150
o Start in Q1 2013, full capacity to be reached in Q1 2014
o Maintaining self-sufficiency in high-quality hard coking coal after
Development of Mezhegey coal deposit depletion of existing deposits
190 23 18 25
(Tyva, Russia)
o On-stream Q4 2013, reaching full capacity by Q4 2014
o Iron ore production to be increased to 55 mtpa
Expansion of Kachkanar mine 76 60 13 14
o On-stream by end 2012
Steel
o Capacity of 950k tonnes of high-speed rails, including 450k
Reconstruction of rail mill at EVRAZ ZSMK
490 366 84 113 tonnes of 100 metre rails
(former NKMK)
o On-stream in Q4 2012
o Production of higher-quality rails
Reconstruction of rail mill at EVRAZ NTMK 60 60 4 0 o 550k tonnes capacity
o On-stream in Q2 2012
o 20% lower coke consumption
Pulverised coal injection (PCI) o Save annually up to 650 mcm of natural gas at NTMK and up to
320 218 55 79
at EVRAZ NTMK and EVRAZ ZSMK 600 mcm at ZSMK
o On-stream by Q1 2013 and Q2 2013 respectively
Reconstruction of mechanical area at o Production of higher-quality wheels
40 25 3 8
EVRAZ NTMK wheel & tyre mill o Start production in Q1 2013; full capacity in Q2 2013
Construction of Yuzhny and Kostanay o Capacity: 450 ktpa of construction products each mill
260 93 34 60
rolling mills o On-stream by mid-2013
Final stage of completion In progress Under consideration
Investor Presentation, September 2012 20

22. Capex dynamics
$m
1,400
1,281
1,200
1,103
1,000
H2 2012 capex
832
800
expected in
the range of
600 565 $650-750m
441
400
200
-
2008 2009 2010 2011 H1 2012
Maintenance, Steel and other operations** Iron ore mine development
Coal mine development * Investment projects
* Investment into maintaining and developing mining volumes, such as preparation of coal seams
Investor Presentation, September 2012 21

23. Key Market Developments and
Outlook

24. Recent market developments
 Full utilisation of Russian steel making capacities continues EVRAZ selling prices, $/t
 Utilisation of non-Russian steelmaking capacities in 1,200
September: 1,100
1,000
◦ EVRAZ North America: 90% 900
800
◦ EVRAZ Highveld: 60%
700
◦ EVRAZ Vitkovice Steel: 76% 600
500
 Low inventories across EVRAZ operations 400
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12
 EVRAZ order book (external sales) currently represents1.1 Slabs, Russia, export* Billets, Russia, export*
month’s production on average Rebars, Russia, FCA Plate, North America, FCA
 Construction product prices slightly increased in August due
to seasonal improvement in the Russian construction market Raw material prices (domestic markets), $/t
 Export prices of semi-finished products decreased in July- 450
400
August vs. Q2
350
 Iron ore and coking coal concentrate prices have been flat In 300
250
July-August on June levels
200
150
 Ferrovanadium prices in Q3 2012 are at the level of 24.5
100
$/kg of contained Vanadium, slightly down from Q2 2012 50
0
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12
Scrap, Russia, CPT Scrap, USA, CPT
Iron ore concentrate, Russia, ExW Coking coal concentrate, Russia, FCA
Investor Presentation, September 2012 23

25. Outlook
 Global markets remain volatile resulting in ongoing uncertainty and low visibility in EVRAZ’s key
markets
 Capacity utilisation remains high, finished goods inventories at our mills and sales network are
low
 We expect our steel production volumes in Q3 2012 to be broadly in line with Q2 2012
 Capex in H2 2012 is expected at $650-750m but we retain flexibility
 Net leverage ratio expected to increase at year end (within the limits set by our covenants)
before decreasing in 2013 as the benefits of the investment programme are realised
Investor Presentation, September 2012 24

26. Summary
 H1 2012 results reflect worsening pricing environment for our products
 Continued investment in growth projects to bear fruit in the short-medium term
 Stable debt and liquidity position following continued focus on refinancing
 Outlook for H2 2012 remains challenging
Investor Presentation, September 2012 25

27. Appendix

28. Global operating model
150 Russia/CIS
1,313 100 3,730
529
Europe
122 580
1,717
North America
Asia
231
H1 2012 steel sales volume South America Africa H1 2012 steel sales volume
by geography by product
Africa and
RoW Other
4% Tubular 4%
5% Semi-
finished
Asia Russia &
CIS
Steel mills 22%
22% Flat-rolled
48%
Iron ore mining 18%
Coal mining
Vanadium
Americas Railway Construction
17% Sea ports 14% 37%
Europe
8%
Mezhegey coal mine in development
# Third party steel products sales* (Kt), H1 2012 # Internal supply of slabs and billets from Russian steel mills (Kt)
* Excluding routes with sales volumes below 50kt each, together totalling 93kt
Investor Presentation, September 2012 27

29. Revenue: geographic breakdown
H1 2011
H1 2012
Africa & Africa &
Other
RoW RoW
Asian Other Asian
3% 3%
7% 9%
Thailand
4%
China Thailand
1% 3%
China
Middle East 1% Russia
3% 41%
Middle East
Russia 2%
40%
Europe Europe
13% 10%
Ukraine Americas Ukraine
Americas 3%
4% 24%
22% Other CIS
Other CIS
3% 4%
Investor Presentation, September 2012 28

30. Steel products: sales by market
Kt $m
Kt
3,331
3,331
3,324
3,324
2,661
2,604
1,732
1,732
1,586
1,586 1,652
1,582
1,441
1,441
1,345
1,345
1,015 1,068
858
858
758
632
632
431 406
431 406 492
300 275
300 275 359 336
257 214
Russia
Russia CIS
CIS Europe
Europe Americas
Americas Asia
Asia Africa & RoW
Africa & RoW Russia CIS Europe Americas Asia Africa &
RoW
H1 2011 H1 2012
H1 2011 H1 2012
Investor Presentation, September 2012 29

31. Resilient and profitable asset base
EBITDA, EVRAZ Russia, $m EBITDA, EVRAZ North America, $m
1,276
1,051
265
216
H1 2011 H1 2012 H1 2011 H1 2012
EBITDA, EVRAZ Ukraine, $m EBITDA, EVRAZ Europe, $m EBITDA, EVRAZ South Africa, $m
81
87
29
6
(3) H1 2011 H1 2012
(6)
H1 2011 H1 2012
H1 2011 H1 2012
Note. (1) Consolidated EVRAZ plc EBITDA also includes Unallocated EBITDA of $(109)m in H1 2011 and $(89)m in H1 2012
(2) EVRAZ North America includes EVRAZ Inc. NA, EVRAZ Inc. NA Canada, Stratcor; EVRAZ Ukraine includes EVRAZ DMZP, Sukha Balka and coking plants; EVRAZ Europe includes EVRAZ
Palini e Bertoli, EVRAZ Vitkovice Steel, Nikom and attributable trading margin
Investor Presentation, September 2012 30

32. Cost Structure by Segment
Cost structure of Steel segment, $m Cost structure of Mining segment, $m
6,237
5,749
9%
8% Other 1,177
15%
3% 1,092
Energy
8% 9% 19%
4% 4% Depreciation 23%
6% 9% 11%
7% Staff Other
4% 13%
4% Transportation
5% Energy
17% 30%
Semi-finished products 15%
16% Depreciation
Other raw materials Staff costs
17% 24%
15% Scrap 23% Transportation
Coking coal 13% Raw materials
21% 19% 10%
Iron ore 12% 7%
H1 2011 H1 2012 H1 2011 H1 2012
Cost structure of Vanadium segment, $m
304
242 Other
30%
Energy
12% 41% Depreciation
5%
12% Staff costs
6% 13%
5% Transportation
13%
35% Raw materials
28%
H1 2011 H1 2012
Investor Presentation, September 2012 31

33. EBITDA
US$ million
Six months ended 30 June
2012 2011
Consolidated EBITDA reconciliation
Profit from operations 430 859
Add:
Depreciation, depletion and amortisation 668 501
Impairment of assets 80 32
Loss on disposal of property, plant & equipment 25 17
Foreign exchange (gain) loss (28) 220
Consolidated Adjusted EBITDA 1,175 1,629
Investor Presentation, September 2012 32

34. Net debt
US$ million
30 June 2012 31 December
2011
Net debt calculation
Add:
Long-term loans, net of current portion 6,271 6,593
Short-term loans and current portion of long-term loans 1,531 613
Finance lease liabilities, including current portion 31 39
Less:
Short-term bank deposit 0 (2)
Cash and cash equivalents (1,763) (801)
Net debt 6,070 6,442
Investor Presentation, September 2012 33

35. London +44 207 832 8990
Moscow +7 495 232 1370
IR@evraz.com
www.evraz.com