Moscow, 21 May 2015

Q1 2015 US GAAP CONSOLIDATED FINANCIAL RESULTS

This document is confidential and has been prepared by NLMK (the “Company”) solely for use at the presentation of the Company and may not be reproduced, retransmitted or further distributed to any other person or published, in whole or in part, for any other purpose.

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The distribution of this document in other jurisdictions may be restricted by law and any person into whose possession this document comes should inform themselves about, and observe, any such restrictions.

This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this document. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Company operates areconsistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation.

By attending this presentation you agree to be bound by the foregoing terms.

2

DISCLAIMER

CONTENT

1. Key results

2. Financial highlights

3. Segment results

4. Annex

3

Q1’15 SALES GROWTH

• Q1’15 STEEL SALES: 3.96 MT (+3% qoq, +2% yoy)

o Export sales up by 13% to 2.55 mt

o Revenue recognition for Q4’14 export sales

• EXPORTS SHARE IN SALES: 64% (+5% qoq)

• STEEL OUTPUT: 3.87 MT (-6% qoq, -1% yoy)

o Major repairs at Russian Flat Products division and NLMK Indiana carried out in the period of seasonally soft demand

o Russian Long products division grew output by 25% qoq as Kaluga mill added new products

STEEL OUTPUT

m t

UTILIZATION RATES BY DIVISION

* since Q4’13 sales of slab to NBH (associating company) reclassified as external sales

88%

80%

98%94%

84%76%

100% 98%

85%90%

100%96%

50%

60%

70%

80%

90%

100%

NLMK USA NLMK Longproducts

Russian Flatproducts

NLMK Group

Q1'14 Q4'14 Q1'15 Global average utilization rate

71%

75% 72%

SALES

0,48 0,54 0,36

0,48 0,530,47

0,09 0,22 0,21

1,30 1,21 1,41

1,33 1,301,23

1,15 1,11 1,10

3,86 3,85 3,96

Q1'14external

sales

Q1'14intra-groupsales*

Q4'14external

sales

Q4'14intra-groupsales*

Q1'15external

sales

Q1'15intra-groupsales*

HVAproducts

Standardproducts

Slabs (external)

Othersemi-finished

Slab salesto related parties

Slab salesto subsidaries

m t

Strong sales primarily supported by exports 4

3,09 2,89 3,18 3,40 3,09

0,65 0,720,78 0,55

0,690,17 0,16

0,18 0,160,09

3,91 3,774,13 4,11

3,87

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Russian Flat products NLMK Long products NLMK USA

FINANCIAL HIGHLIGHTS

• Q1’15 HIGHLIGHTS

o Revenue: $2,216 m (-5% qoq, -16% yoy)

o EBITDA: $638 m (+2% qoq, +36% yoy)

o EBITDA margin: 29% (+2 p.p qoq, +11 p.p. yoy)

o EBITDA per tonne: $161/t (-1% qoq, +33% yoy)

o Net income: $321m (+39% qoq, +85% yoy)

o Capex: $116 m (-5% qoq, -12% yoy)

o Free cash flow*: $319 m (-16% qoq, +18% yoy)

o Net Debt: $1,247 m (-22% qoq, -46% yoy)

o Net Debt/EBITDA: 0.49x (0.67x as of 31/12/14)

EBITDA MARGIN

11%

14% 14%16%

18%

21%

27% 27%29%

0%

10%

20%

30%

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

* Free cash flow to firm is determined as net cash from operational activity (with net interest expenses) net of capital investment

Margin expansion continues on the back of cost improvements 5

NET DEBT/EBITDA

1,932,15

1,87 1,80

1,391,14

0,830,67

0,49

0,0

0,5

1,0

1,5

2,0

2,5

Q1'13

Q2'13

Q3'13

Q4'13

Q1'14

Q2'14

Q3'14

Q4'14

Q1'15

Q2’15 OUTLOOK

• MARKET

o Russia: muted demand due to distributors and service centers inventory overhang – to be followed by a seasonal improvement in July-September

o Europe: moderate demand improvement

o USA: steel demand and prices stabilize after deterioration early in 2015

• OPERATIONAL RESULTS

o Operating results are expected to sequentially improve

• FINANCIAL RESULTS

o Softening in steel pricing environment will continue to weigh on the financial performance

o Ongoing efficiency improvement programs to partially offset price pressure

Operational results to improve in Q2, price pressure to persist 6

CONTENT

1. Key results

2. Financial highlights

3. Segment results

4. Annex

7

262 353

455 551 534 7

52

77 13 33

209

185

145 101 64

-33 -14 -20-57

19

23

19

36 19

-13

-100

0

100

200

300

400

500

600

700

800

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15Steel segment Long products segment

Mining segment Other operations including intersegmental

Foreign rolled product segment

Q1’15 PROFITABILITY

• Q1’15 EBITDA GREW TO $638 M

• Q1’15 EBITDA MARGIN EXPANDED TO 29%

• STEEL SEGMENT: EBITDA MARGIN 33%

o (-) Narrowing of steel/raw materials spreads

o (+) Stable demand in export markets

o (+) Operational efficiency gains

• LONG PRODUCTS SEGMENT

o (-) Seasonal reduction in sales volumes

o (+) Widening of long product/scrap spreads

• MINING SEGMENT

o (-) Price drop partly mitigated by cost productivity gains

• FOREIGN ROLLED PRODUCTS SEGMENT

o (-) Soft demand and imports’ pressure in the USA

o (-) Negative results in US driven by a consumption of more expensive slabs accumulated in 2H’14 (respective profit posted in intersegmental)

o (+) Stable market environment in Europe

EBITDA CHANGE BY SEGMENT (QOQ)

$ m

534

33

64

-13

19

638

300

400

500

600

700

Ste

el

Lon

gp

rod

uct

s

Min

ing

Fore

ign

rolle

dp

rod

uct

s

Oth

er &

inte

rseg

me

nt

al o

per

atio

ns

Q1

'15

EBIT

DA

$ m

SEGMENT CONTRIBUTION TO EBITDA

Further margins growth, steel segment profitability up to 33% 8

594468

693 627 638

EBITDA

Working capital changes

Other non-cash operations*

Income tax

Net interest **

NET OPERATING CASH FLOW

Capex***

FREE CASH FLOW TO THE FIRM

Net repayments of borrowings

FREE CASH FLOW TO EQUITY

Increase in deposits and financial investment

Contribution to share capital of associate

FX rate change

CHANGE IN CASH

Q1’15 CASH FLOWQ1‘15 CASH FLOW BRIDGE• Q1’15 NET OPERATING CASH FLOW:

$434 M (-14% QOQ, +8% YOY)o Growth in EBITDA to $638 m

o Net working capital increase by $56 m:

◦ (+) Increase of accounts receivable driven by the growth in export sales with longer settlement period

◦ (-) Consumption of slab inventories accumulated in 2H’14 at foreign assets of NLMK Group

• FURTHER DECELERATION OF CAPEX PROGRAM o Q1’15 capex: $116 m (-5% qoq)

◦ Incl. maintenance capex: $23 m

• Q1’15 FREE CASH FLOW: $319 M

$ m

* Foreign currency exchange gains, other income/(expenses)** Including interest paid (w/o capitalized interest) of $35 m and interest received of $7 m*** Including capitalized interest of $7 m

Strong Free Cash Flow generation 9

66

+8

-22

-146

224

-95

319

-116

434

-28

-72

-48

-56

638

DEBT POSITION

• DEBT DECREASE AND LIQUIDITY GROWTH

o Net Debt: $1.25 bn (-22% qoq, -46% yoy)

o Total debt: $2.56 bn (-7% qoq, -34% yoy)

o Cash and equivalents*: $1.31 bn (+12% qoq, -17% yoy)

• NET DEBT / 12M EBITDA: 0.49x(-0.18 P. qoq)

DEBT MATURITY AND LEVERAGE

* Cash and equivalents and short term investments

Weighted average maturity

1,93

2,15

1,87

1,80

1,39

1,14

0,83

0,670,49

0,0

0,5

1,0

1,5

2,0

2,5

Q1'13

Q2'13

Q3'13

Q4'13

Q1'14

Q2'14

Q3'14

Q4'14

Q1'15

Net debt/EBITDA

Strategy 2017 target – 1.0

3,33,4

3,6

3,33,2

3,02,9

3,13,0

2,4

2,8

3,2

3,6

4,0

Q1'13

Q2'13

Q3'13

Q4'13

Q1'14

Q2'14

Q3'14

Q4'14

Q1'15

1,96 1,89

0,80-0,09

-0,10 0,67

0

1

2

3

31 Dec '14 Net borrowings FX rate changeimpact

31 Mar'15

ST debt LT debt

CHANGE IN DEBT IN Q1’15$ bn

2.762.56

NET DEBT CHANGE IN Q1’15

1,59

-0,43 +0,12

-0,02

1,25

0,0

0,5

1,0

1,5

2,0

31 Dec '14 Net operatingcash flow

Capex FX rate and otherfactors

31 Mar '15

$ bn

Deleveraging is on track 10

1 315

651

1 502

189232

186 43

0

1 000

2 000

3 000

Liquid assets Q2'15 Q3 '15 Q4 '15 Q1 '16 12 months

608

279 260

810

579

0

100

200

300

400

500

600

700

800

900

2015 2016 2017 2018 2019 andonward

RUB bonds ECA lines Eurobonds (USD) Revolvers for W/C funding Other debt

LIQUIDITY AND DEBT MATURITY PROFILE

• STRONG LIQUIDITY POSITION OF $1.31 BN

• COMFORTABLE MATURITY PROFILE

o Short term debt $0.67 bn incl.:

◦ Revolving credit lines for working capital financing

◦ Ruble bonds

◦ ECA financing

o Long term debt $1.89 bn

◦ Eurobonds and ruble bonds

◦ Long term part of ECA financing

DEBT MATURITY*INTEREST EXPENSES**

$ m

$ m

Undrawncredit lines

Cash and equivalents

LIQUIDITY AND SHORT-TERM DEBT PAYMENTS*

31 27 22 33 32 33 32 28

22

33

35 35

22 21 17 16

10

7

0%

5%

10%

15%

20%

25%

0

10

20

30

40

50

60

70

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Non-capitalized interest expense (lhs) Capitalized interest expense (lhs)

Interest expense to EBITDA (rhs)* ST maturity payments without interest accrued** Quarterly numbers are derived by computational method on the basis of quarterly reports

$ m

Comfortable maturity profile with strong liquidity position 11

NEW DIVIDEND POLICY

• STRUCTURAL INCREASE IN FREE CASH FLOW

o Improved profitability

o Less capital intensive growth

• DEBT AT MINIMAL LEVELS

• NEW DIVIDEND POLICY

o Quarterly dividend payments

o If Net debt/EBITDA < 1.0x dividend will be between 50% of FCF and 50% of Net income

o If Net debt/EBITDA > 1.0x dividend will be between 30% of FCF and 30% of Net income

• FY’14 DIVIDENDS: RUB2.44/SHARE

o FY2014 dividends: 37% of 2014 earnings

o Estimated dividend yield: 4%

• Q1’15 DIVIDENDS: RUB1.64/SHARE

o c.60% of Q1’15 Net income

o Estimated dividend yield: 10%

DIVIDEND HISTORY

DIVIDEND YIELD

62125 386 660 683 738 471 46 379 376 116 115 315 191

0%

10%

20%

30%

40%

50%

60%

70%

0

200

400

600

800

Dividends % of Net income, rhs

$ m

5,5%

3,9%

2,2%

0,4%

1,9% 1,8%1,0% 1,1%

3,9%

9,8%

0%

2%

4%

6%

8%

10%

* Including dividends for H2 2014 recommended by NLMK Board, FX rate as at 24.04.15 @ 51,6 USD/RUB** Annualized dividend payments for Q1 2015 recommended by NLMK Board, FX rate as at 24.04.15 @ 51,6 USD/RUB

New dividend policy drives dividend yields up 12

CONTENT

1. Key results

2. Financial highlights

3. Segment results

4. Annex

13

1,74 1,73

1,64 1,48 1,52

0,30 0,27 0,37 0,34

0,09

0,260,35

0,46 0,55 0,53

0,0

0,5

1,0

1,5

2,0

2,5

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Revenue from intercompany sales Revenue from sales to third parties

EBITDA

20%

20%

6%8%6%

4%5%

10%

12%

9%

Iron ore materials

Coke and coal

Scrap

Ferroalloys

Other raw materials

Electricity

Natural gas

Other energy resources

Personnel costs

Other expenses and changes in inventories

Depreciation

STEEL SEGMENT

• Q1’15 SEGMENT’S REVENUE DECLINE BY 12% QOQ

o 2% qoq sales volumes growth (+9% qoq to the third parties)

o Lower average selling prices

o Revenue from sales to other segments reduced by 73%

• EBITDA MARGIN INCREASED TO 33%

o (+) Close to maximum run rates

o (+) Sales volumes growth

o (+) Efficiency improvement program is on track

o (-) Narrowing of steel/raw materials spreads

COST OF SALES, Q1’15SEGMENT REVENUE AND EBITDA

SALES & REVENUE FROM 3RD PARTIES

$ bn

14

2.618 m t $1,482 m

* Revenue from the sale of other products and services

2.849 m t $1,519 m

$963 m

13%18%

23%

30%33%

EBITDA margin

3% 2% 6% 6%8% 5%5% 6%6% 6%

13% 12%12% 12%

21% 20%18% 17%

46% 50% 41% 44%

3% 5%

0%

20%

40%

60%

80%

100%

SalesQ4' 14

SalesQ1' 15

RevenueQ4' 14

RevenueQ1' 15

Income from otheroperations*Pig iron

Slabs

HRC

CRC

Galvanized

Pre-painted

Dynamo

Transformer

337

430 378302

231

57

101115

94

43

7

5277

13 33

0

100

200

300

400

500

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Revenue from intra-group sales Revenue from third parties EBITDA

2%

10% 16%

3%

12%

EBITDA margin

74%3%

1%

7%

9%

-4%10%

Scrap

Ferroalloys

Other raw materials

Electricity

Personnel

Other expenses

Depreciation

$231 m

LONG PRODUCTS SEGMENT

• SALES VOLUME DECREASE BY 11% QOQ

o Seasonal decrease of consumption of construction products in Russia

• EXTERNAL REVENUE DECREASE BY 24% QOQ

o Decrease in sales and longs prices (USD denominated)

• EBITDA MARGIN UP TO 12%

o (+) Widening of long product/scrap spreads: lower price feedstock inventory accumulated in Q3-Q4’14

SEGMENT REVENUE AND EBITDA

THIRD PARTY SALES AND REVENUE STRUCTURE

$ m

15

COST OF SALES IN Q1’15

* Revenue from intra-group sales is represented mostly by ferrous scrap deliveries to the Lipetsk site

568 k t $231 m

* Revenue from other products

$302 m635 k t

13% 13% 14% 15%

10% 9% 8% 8%

77% 78% 73% 75%

0%

20%

40%

60%

80%

100%

Sales volumeQ4 '14

Sales volumeQ1 '15

RevenueQ4 '14

RevenueQ1 '15

Other operations*

Long products

Billets

Metalware

88 117

70 70 46

229 189

178

126

89

209185

145

10164

0

100

200

300

400

Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15Revenue from intersegmental sales

Revenue from third parties

EBITDA

66%60%

58%

51%47%

EBITDA margin

9%

24%

2%7%

31%

13%

15%

Raw materials

Electricity

Natural gas

Other energy resources

Personnel

Other expenses

Depreciation

MINING SEGMENT

• REVENUE DECLINE BY 37% QOQ

o Decline in iron ore prices

o Decrease in iron ore volumes by 12% qoq to 3.86 m t – sales to regions with longer revenue recognition period

• EBITDA MARGIN AT 47%

o (-) Lower global iron ore prices

o (+) Productivity gains

SALES AND REVENUE STRUCTURE

16

COST OF SALES IN Q1’15

72% 75%60% 61%

28% 25%33% 32%

7% 7%

0%

20%

40%

60%

80%

100%

Salesvolumes

Q4'14

Salesvolumes

Q1'15

RevenueQ4'14

RevenueQ1'15

Otheroperations*

Iron ore salesto third parties

Iron ore salesto Lipetsk site

3.858 m t $135 m$197 m4.365 m t

* Other operations include limestone, dolomite and other sales

SEGMENT REVENUE AND EBITDA

$ m

$49 m

471

533 523488

420

23 19 3619 -13

5%

4%

7%

4%

-3%-4%

-2%

0%

2%

4%

6%

8%

10%

-100

0

100

200

300

400

500

600

Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15

Revenue EBITDA EBITDA margin (r.h.)

FOREIGN ROLLED PRODUCTS SEGMENT

• SEGMENT SALES DECLINE BY 9% QOQ

o Increase of NLMK Dansteel sales by 3% qoq on the back of stable market conditions in Europe

o Decline in NLMK USA sales volumes by 11% qoq due to weakening demand in the North American market

• DECLINE OF SEGMENT’S PROFITABILITYo (-) Soft demand and imports’ pressure in the USA

o (-) Negative results in US driven by a consumption of more expensive slabs accumulated in 2H’14 (respective profit posted in intersegmental)

o (+) Sable market environment in Europe

NLMK USA SALES & REVENUE STRUCTURE

17

$ m

SEGMENT REVENUE AND EBITDA

56% 52% 48% 41%

23% 31%25% 32%

20% 17%21% 19%

6% 8%

0%

20%

40%

60%

80%

100%

SalesvolumeQ4 '14

SalesvolumeQ1 '15

RevenueQ4 '14

RevenueQ1 '15

Other operations

Galvanized

CRC

HRC

Semi-finished

431 k t $343 m$405 m486 k t

APPENDICES

18

STOILENSKY: PELLETIZING PLANT CONSTRUCTION

• Pelletizing project status at the end of Q1’15

o Project engineering ~75% complete

o Equipment supply ~50% complete

o Building and installation works ~25% complete

o Invested into the project as of March 2015: $357 m

• Details of the pelletizing plant project

o Capacity: 6 m tpa with an option to grow to 7.2 m tpa

o Updated 2014-17 capex: $520 m (incl. $160 m in 2014)

o Launch: mid-2016

o 100% self-sufficiency in pellets vs 0% currently

o Pellets production cash cost ~$20-25/t

Video: pelletizing plant construction at SGOK

19

SALES STRUCTURE

20

• Q1’15: SALES GROWTH BY 3% QOQ TO 4.0 MT

o Slab sales growth by +17% qoq driven by export markets demand

o Seasonal decrease of finished product sales by 3% qoq

o Share of HVA products – 28% (-1 p.p. qoq)

• Q1’15: REVENUE DECREASE BY 5% QOQ TO $2.2 BN

o Increase of semi finished product share to 33% (+4 p.p. qoq)

o CRC share increased by 1 p.p. to 13%

SALES STRUCTURE BY PRODUCT

REVENUE BY PRODUCT

0.44 0.49 0.49

0.24 0.23 0.22

0.47 0.45 0.50

0.79 0.82 0.84

1.41 1.21 1.30

Q1'14 Q4'14 Q1'15

Pig iron

Slabs

Billets

HRC

Thick plates

CRC

Galvanized

Pre-painted

Electrical

Long products

Metalware

3.87 3.96

m t

10% 9% 8%

7% 7% 7%

13% 12% 13%

19% 20% 18%

27% 26% 30%

9% 7% 8%

Q1'14 Q4'14 Q1'15

Other products*

Pig iron

Slabs

Billets

HRC

Thick plates

CRC

Galvanized

Pre-painted

Electrical

Long products

Metalware

$2.34$2.64

3.85

$ bn$2.22

* Revenue from Other operations includes sales of other products (iron ore, coke, scrap and others)

SALES GEOGRAPHY

21

• SALES IN Q1’15: 4.0 M T (+3% QOQ)

o Seasonal decrease of sales to the Russian market: 1.4 m t (-11% qoq)

o Growth of sales to export markets by +13% qoq

◦ Sales to South-East Asia up by 5 times (8% of total sales)

◦ Sales to Europe increased (+6% qoq)

◦ Sales to Middle East and Turkey increased (+5% qoq)

NLMK SALES TO THE RUSSIAN MARKET

by sector by product type

1,03 0,910,72

0,450,54

0,47

0,15 0,21

0,17

0,51 0,34

0,39

0,450,16

0,28

Q1'14 Q4'14 Q1'15

Others

SE Asia

N. America

M. East*

EU

Russia

1,55 1,59 1,41

0,74 0,760,80

0,24 0,31 0,32

0,75 0,700,53

0,07 0,070,33

0,52 0,43 0,55

Q1'14 Q4'14 Q1'15

Others

SE Asia

N.America

M. East*

EU

Russia

m t

STEEL PRODUCT SALES BY REGION

REVENUE BY REGION

3.87 3,85 3,96

2.64

2.342.22

$ bn

69%

12%

19%

0%

20%

40%

60%

80%

100%

Sales by industriesin Q1'15

Pipe producers

Machine building

Construction andinfrastructure

30%

49%

21%

0%

20%

40%

60%

80%

100%

Sales by producttype in Q1'15

Semi-finished

Flat steel

Long products andmetalware

* incl. Turkey

450

-26

346

-65

360

-15

-70

30

130

230

330

430

530

Rev

enu

eQ

1'1

4

EBIT

DA

Q1

'14

Rev

enu

eQ

4'1

4

EBIT

DA

Q4

'14

Rev

enu

eQ

1'1

5

EBIT

DA

Q1

'15

FOREIGN ASSETS PERFORMANCE

22

NBH FINANCIAL RESULTS

$ m

NLMK USA AND NLMK DANSTEEL ROLLED PRODUCT SALES

0,250,27

0,22

0,13 0,11 0,130,07 0,10 0,07

0,10 0,11 0,11

0,560,59

0,54

0,00

0,10

0,20

0,30

0,40

0,50

0,60

0,70

0

0,1

0,2

0,3

0,4

0,5

Q1'14 Q4'14 Q1'15

HRC CRC Galvanized Thick plates (NLMK Dansteel)

m t

NBH ROLLED PRODUCT SALES

0,17

0,200,22

0,02 0,01 0,01

0,090,07

0,08

0,18 0,17 0,16

0,45 0,450,48

0,00

0,10

0,20

0,30

0,40

0,50

0,60

0,00

0,10

0,20

0,30

Q1'14 Q4'14 Q1'15

HRC CRC Coated steel Thick plates

m t

SLAB SALES

0,81

0,67

0,95

0,480,53

0,47

0,11 0,090,15

0,370,45

0,21

1,77 1,75 1,78

1,00

1,10

1,20

1,30

1,40

1,50

1,60

1,70

1,80

1,90

-

0,2

0,4

0,6

0,8

1,0

1,2

1,4

Q1'14 Q4'14 Q1'15

To third parties NBH NLMK Dansteel NLMK USA

m t

SEGMENT RESULTS OVERVIEW

REVENUE FROM THIRD PARTIES BY SEGMENT

262 353

455 551 534 7

52

77 13 33

209

185

145 101 64

-33 -14 -20-57

19

23

19

36 19

-13

-$100

$100

$300

$500

$700

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15Foreign rolled product segment Other operations including intersegmental

Mining segment Long products segment

Steel segment

$ m594

468

EBITDA BY SEGMENT 2014-2015

693 627

23

$ m

1 742 1 728 1 636 1 482 1 519

337 430378

302 231

88 11770

70 46

471533

523488 420

0

500

1 000

1 500

2 000

2 500

3 000

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Steel segment Long products segment

Mining segment Foreign rolled products segment

2 6382 808

2 6072 343

638

2 216

CASH COST OF SLABS

SLAB CONSOLIDATED CASH COST STRUCTURE (RUSSIAN FLAT PRODUCTS )

Cost itemQ1’15(‘000

RUR/t)

Q1’15($/t)

Q4’14($/t)

∆, $/t

Coke and coking coal 3.2 $51 $57 -$6

Iron ore 2.1 $33 $34 -$1

Scrap 1.2 $20 $24 -$4

Other materials 1.4 $22 $22 $0

Electricity 0.6 $10 $14 -$4

Natural gas 0.8 $13 $15 -$2

Personnel 1.1 $18 $24 -$6

Other expenses 1.9 $30 $35 -$5

Total 12.3 $197 $225 -$28

CASH COST OF SLABS, 2012-2015(RUSSIAN FLAT PRODUCTS )

Period $/t

2012 $388

Q1’13 $364

Q2’13 $348

Q3’13 $329

Q4’13 $349

2013 $348

Q1’14 $310

Q2’14 $308

Q3’14 $295

Q4’14 $225

2014 $283

Q1’15 $197

24

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