The document provides preliminary financial results for EVRAZ Group for fiscal year 2006. It discusses record revenues of $12.8 billion, up 54% from 2006, driven by acquisitions and favorable pricing. Net income was $2.1 billion, with an EBITDA margin of 33%. Cash flow from operations was strong at $3 billion. The results demonstrate success in advancing the company's strategy of growth in international markets and optimization of costs and vertical integration.

1. EVRAZ GROUP S.A. FY 2006 1
Preliminary
Results
EVRAZ GROUP
Renaissance Capital
Russian Mining Day
April 21, 2008

2. Disclaimer 2
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 at a Glance 3
◦ World class steel and mining company with the strategy to be one of the top five most
profitable steelmakers globally by ROCE and EBITDA* margin
◦ Leader in the construction and railway steel product markets in Russia and CIS
◦ Global player with strong position in flat product markets of Europe and the US
◦ One of the lowest cost producers of crude steel in Russia and CIS
◦ Vertically integrated business with 87% self-coverage of iron-ore and 100% self-
coverage in coking coal in 2007
◦ Leading global vanadium producer
◦ Production of 16.4 million tonnes of crude steel in 2007
◦ Consolidated revenues of US$12.8 billion in 2007 and US$8.3 billion in 2006
◦ EBITDA* of US$4.3 billion in 2007 and US$2.6 billion in 2006
* Adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E

4. Strategy Highlights 4
Advance long product leadership in Russia and CIS
◦ Strong growth in 2007 by 69% in construction products sales in Russia and CIS
◦ 11% increase of volumes of rails shipments in Russia in 2007
◦ De-bottlenecking at Russian plants
◦ Acquisition of Dnepropetrovsk Metal Works in Ukraine
Expand presence in attractive international markets
◦ Development of strong US plate business through acquisitions of EOSM and Claymont Steel
◦ Acquisition of control in Highveld
◦ Acquisition of a stake in Delong Holdings
◦ Agreement to acquire IPSCO Canada
Enhance cost leadership position
◦ Acquisition of Zapsib TETs to increase energy self-sufficiency
◦ Open hearth furnaces shutdown at NKMK
◦ Zapsib blast furnace #1 relining in 106 days in line with global best practices
◦ Commencement of NTMK converter shop modernisation
Complete vertical integration and competitive mining platform
◦ Completed the acquisition of Yuzhkuzbassugol in 2007, a leading Russian coal producer
◦ Iron ore production up by 10% in 2007, increasing self coverage to 87%
◦ Coking coal pro forma coverage of 100% of iron making needs of Russian operations
◦ Acquisition of Sukha Balka iron ore mine and three coke chemical plants in Ukraine
Achieve world leadership in vanadium business
◦ Acquisition of control in Highveld Steel and Vanadium, a global leading vanadium producer

5. FY2007 Financial Summary 5
US$ mln unless otherwise stated 2007 2006 Change
Revenue 12,808 8,292 54%
Cost of revenue (7,875) (5,163) 53%
SG&A (1,220) (737) 66%
Adjusted EBITDA* 4,254 2,642 61%
Adjusted EBITDA margin 33% 32%
Net Profit** 2,144 1,377 56%
Net Profit margin 17% 17%
Sales volumes*** (mln tonnes) 16.43 15.92 3.2%
Source: Evraz’s Audited IFRS Financial Statements
* Adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E
** Net profit attributable to equity holders of Evraz Group S.A.
*** Steel segment sales volumes to third parties

6. 2007 Financial Highlights 6
Sales Volumes, FY07 vs. FY06
◦ Favourable pricing and improved sales mix
‘000 tonnes
delivered strong growth on marginally higher 20,000
sales volumes 15,918 1,711 473 16,426
◦ Last year acquisitions (Evraz OSM, Highveld,
16,000
(1,586)
Yuzhkuzbassugol and other) contributed 12,000
(90)
US$2,737 mln to total revenue and US$578
8,000
mln to EBITDA*
◦ US$632 mln in EBITDA* of Mining segment 4,000
provided US$55** vertical integration benefits 0
per tonne of steel products produced in Russia FY06 Existing De- Evraz Highveld FY07
Sales facilities stocking OSM Sales
volumes volumes
Revenue, FY07 vs. FY06 EBITDA, FY07 vs. FY06
US$ mln US$ mln
14,000 650 176 12,808 5,000
1,911 37 4,254
12,000 1,779 192
1,034 349
4,000
10,000
8,292
8,000 3,000 2,642
6,000
2,000
4,000
1,000
2,000
0 0
FY06 Organic Evraz OSM Highveld YuKU FY07 06 Organic Evraz Highveld Other 07
Revenue grow th Revenue EBITDA grow th OSM EBITDA
Source: Evraz’s Audited IFRS Financial Statements
* Adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E
** Evraz’s estimate

7. Prudent Balance Sheet Management 7
◦ Net Debt (1)/EBITDA stays within the long-term stated target
◦ Current credit ratings reaffirmed: BB by Fitch; Ba2 by Moody’s; BB- by S&P
◦ Growing leverage in line with general business growth
◦ Consistently solid ROCE (2) at 35% and RoA (3) at 18%
◦ Short-term debt refinancing issues successfully solved despite turbulent market conditions
Net Debt-to-EBITDA Ratio Total Assets and Return on Assets
US$ mln US$ mln
7,000 1.5 1.6 18,000 16,380 90%
6,632 1.4 16,000
6,000 75%
6,280 14,000
1.2
5,000
0.9 12,000 60%
1.0
4,000 10,000 8,510
0.7 6,754
0.8 45%
3,000 8,000 38%
37% 35%
0.6
2,350 2,596 6,000 30%
2,000
0.4 4,000
1,693 1,728
1,000 15%
0.2 2,000
0 0.0 0 0%
2005 2006 2007 2005 2006 2007
Total Debt Net Debt Net Debt/EBITDA Total Assets ROCE² RoA³
Source: Evraz’s Audited IFRS Financial Statements
(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

8. FY2007 Cash Flow Generation 8
◦ Record high net cash flow from operating activities of US$2,957 mln
◦ Cash balance* amounted to US$352 mln
◦ EBITDA** to Net Operating Cash Flow conversion at 70%
◦ US$740 mln used to finance capital investment programme including US$417 mln spent on maintenance
2007 Cash Flow
US$ mln
7,000
2,135
6,000
5,000
4,000 740
2,217
3,000
US$ 2,957 mln
(Net Cash Flow
2,000 from operating
activities)
868
1,000
352
0 (5,636) (29)
Cash* at beginning of Net Profit Adj. to reconcile CF from financing CF used in investing FX effect Cash* at end of
period OpCF activities activities period
Source: Evraz’s Audited IFRS Financial Statements
* Cash at beginning and end of period includes short-term deposits amounted to US$26 mln and US$25 mln respectively
** Adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E

9. Leveraging Presence in Attractive Markets 9
◦ Russia remains key market with 46% share in FY07 Steel Segment Revenue by Products
revenue US$ mln
◦ European sales advanced by 43% driven by 496
583 837
2,480
Semi-finished products
Construction products
higher prices, a 9% steel volume increase and
702 Railw ay products
vanadium sales
Flat-rolled products
◦ Strong growth in sales in North America to 1,968 Tubular products
US$2,140 mln or 17% of total revenues due to Other steel products
Evraz OSM acquisition 3,670 Vanadium
◦ Asian sales almost flat y-o-y at US$1,882 mln 1,697 Other revenues
Revenues by Region Steel Product Sales Volumes
US$ mln ‘000 tonnes
12,808
365
12,000 575 18,000 15,960 16,476
950 778
1,894
10,000 8,292 15,000 14 664
2,140 1,612 2,165
36 1,630
8,000 344 12,000 2,290
1,410 1,882
340 4,153
6,000 9,000
1,945 5,122
4,000 6,000
5,952
7,601
2,000 4,217 3,000 5,457
0 0
2006 2007 2006 2007
Russia Asia Americas Europe Semi-finished products Construction products Railw ay products
Source: Evraz’s data Flat-rolled products Tubular products Other steel products

10. Steel: Yielding on Russian Demand Growth 10
◦ Russian steel revenue grew by 41% fuelled by a domestic construction boom and strong pricing
◦ Steel sales volumes increased by 7.7% to 7.6 mln tonnes and selling price averaged 664$/tonne
◦ Russian construction sales: revenues expanded by 71% on the back of 23% increase in sales volumes
◦ Railway products: revenues grew by 37% with sales volumes increasing by 13%
Russia: Composition of Steel Revenue by Products Russian Steel Sales Volumes
US$ mln ‘000 tonnes
5,590
7,602
5,500 398 8,000 7,056
5,000 145 574
348 7,000
763 404
4,500 268
3,943
6,000 359
4,000 1,111 1,576
303
3,500 146 1,399
359 5,000
3,000 195
4,000
2,500 811
2,962 3,636
2,000 2,646 3,000
1,500 1,548 2,000
1,000
1,000 1,573
500 1,412
580 675
0 0
2006 2007 2006 2007
Semi-finished Construction Railw ay Flat
Semi-finished Construction Railw ay Plates Other
Other steel Vanadium Other
Source: Evraz’s data

11. Steel: Non-Russian Business Overview 11
◦ European revenue grew by 38% to US$1,894 mln on the back of strong pricing environment and
contribution from vanadium products sales
◦ North American sales increased strongly from US$340 mln to US$2,140 mln on Evraz OSM
acquisition with steel sales increased by 162% to 1.86 mln tonnes of higher margin products
◦ Asian sales volumes decreased by 32% in FY07 with revenues almost flat y-o-y at US$1,882 mln
◦ CIS revenues expanded by 67% to US$577 mln in FY07
Composition of Revenue by Products Steel Sales Volumes by Region
US$ mln ‘000 tonnes
2,500 2,279 4,000 3,813
3,500
2,000 1,806
1,698 3,000
2,500
1,500 2,017
2,000 1,860
1,020
1,000 881
1,500
695
579 582
1,000 739
500
394
147 96 133 500
1
0 0
Semi- Construction Railw ay Flat-rolled Tubular Other steel CIS Europe Americas Asia Africa
finished products products products products products Semi-finished Construction Railw ay
products Flat-rolled Tubular Other
2006 2007
Source: Evraz’s data

12. Vanadium: Capturing Market Momentum 12
◦ Vanadium business contributed US$583 mln to revenues in 2007
◦ Russian vanadium slag sales volumes increased by 9% to 10,810 tonnes*
◦ Volumes of vanadium in alloys & chemicals sold amounted to 11,290 tonnes*
◦ Recent spike in prices will further drive business growth
Vanadium Sales by Products Vanadium Market Price**
US$ mln US$/tonne
100,000
90,000
167 80,000
70,000
60,000
50,000
40,000
416
30,000
20,000
Vanadium in slag 10,000
Vanadium in alloys & chemicals 0
Jan-06 Jul-06 Jan-07 Jul-07 Jan-08
Source: Evraz’s data Source: Metal Bulletin
* Metric tonnes of vanadium equivalent
** Per tonne of Vanadium in Ferro-vanadium products
at major European destinations

13. Mining: Hedging Steel Segment Costs 13
◦ EBITDA* increased by 53% to US$632 mln Mining Segment Performance
over last year US$ mln
◦ 18.8 mln tonnes iron ore output covered
2,000 1,901
87% of total ore consumption 1,500
◦ Coking coal production fully covered** steel
1,000
1,147
segment requirements for coal 633
415
500
0
2006 2007
Revenues EBITDA
Coking Coal Production Iron Ore Production
‘000 tonnes ‘000 tonnes
453
20,000 18,850
17,047 1,350
4,049 2,415 2,737
15,000
5,683 5,506
10,000
5,000 8,949 9,257
4,517
0
2006 2007
Raspadskaya Yuzhkuzbassugol Mine 12
Kachkanarsky GOK Evrazruda Vysokogorsky GOK Highveld
Source: Evraz’s data
* Adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E
** 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

14. Yuzhkuzbassugol 14
◦ 50% stake acquired in June 2007 for US$871 mln or US$123 per tonne of FY08 production
◦ FY08 production is expected to increase by 18% to 14.2 mln tonnes
◦ 1Q08 average cash cost is estimated at US$33 per tonne of raw coal mined
◦ Detailed development programme in place to ramp up profitability with focus on safety issues
Coal Production Proved and Probable Coal Reserves
mln tonnes mln tonnes
20.0
15.0
13.0 10.7
10.0
9.8 Steam,
6.7
Coking, 269
303
5.0
5.4 5.2 4.4
4.1
0.0
2005 2006 2007 2008F
Steam coal Coking coal
Source: IMC report March 2007

15. Ukraine: Diversifying into One of the 15
Lowest Cost Producing Regions
Dnepropetrovsk Coke
Bagley Coke
Dneprodzerzhinsk Coke
Dnepropetrovsk Metal Works
Sukha Balka
Steel Mill
Iron Ore Mine
Coke Production

16. Sukha Balka 16
◦ 2 underground iron ore mines
◦ 30 years of estimated reserve life:
◦ Iron ore reserves (A+B+C) – 107 mln tonnes
◦ Magnetite quartzite reserves (A+B+C) – 215 mln tonnes
◦ 2007 production of 2.85 mln tonnes of lumpy ore (57.7% of Fe)
◦ FY08 expected cash cost is US$32 per tonne of lumpy ore
Sukha Balka Iron Ore Sales FY08 Sukha Balka Sales by Region
‘000 tonnes ‘000 tonnes
4,000
3,500
3,000
1,440
2,500
2,000
3,400
1,500 3,028 2,854
1,000 1,660
500
0
2006 2007 2008F
Export Ukraine

17. Dnepropetrovsk Metal Works 17
◦ Integrated steel mill, located in the proximity to iron ore resources and key markets
◦ 3 blast furnaces with annual capacity of 1.8 mln tonnes of hot iron
◦ 3 converters with 2007 crude steel production of 1.3 mln tonnes
◦ Total sales in 2007 amounted to 1.4 mln tonnes of products
◦ Technological turnaround in 2008-2009 with focus on blast furnace reline and switch to 100%
continuous casting
Dnepropetrovsk Metal Works Sales Mix Semi-finished Market Prices, FOB Black Sea
‘000 tonnes US$ per tonne
1,500 900
800
1,200 335 509
328
700
900
600
844 737 500
600 878
400
300
300
209 249
133
0 200
2006 2007 2008F Jan-06 Jul-06 Jan-07 Jul-07 Jan-08
Pig iron Semis Construction Billet Slab
Source: Metal-Courier

18. Coke Production Plants 18
Bagley Coke
◦ 3 coke ovens with annual capacity of 1.5 mln tonnes reconstructed in 1986-1987 and 2005
Dneprodzerzhinsk Coke
◦ 2 coke ovens with annual capacity of 1.03 mln tonnes, built and reconstructed in 1989-1992
Dnepropetrovsk Coke
◦ 4 coke ovens with annual capacity of 1.02 mln tonnes built in 1985
Total 2007 production amounted to 2.0 mln tonnes of coke
Captive supply to Dnepropetrovsk Metal Works
Coke production Coke prices, EXW excl VAT
‘000 tonnes US$/tonne
2 500 400
2 000 770 350
782 726
652 300
1 500
850 250
1 000 619 696 672
200
500
651 661 634 744 150
0 100
2005 2006 2007 2008F Jan-06 Jul-06 Jan-07 Jul-07 Jan-08
Dneprodzerzhinsk Dnepropetrovsk Bagley Russia Ukraine
Source: Metal-Courier

19. North American Operations: Exposure to 19
Infrastructure and Energy Markets
EOSM
Red Deer
Regina
Calgary
EOSM
EOSM Claymont Steel
Steel Mills Stratcor
Pipe mills
Vanadium Assets

20. IPSCO Canada and Claymont Steel 20
◦ In January 2008, Evraz acquired Claymont Steel for
US$422 mln Claymont Steel Sales Volume
◦ Leading integrated producer of custom steel ‘000 tonnes
plate on the East Coast of the USA with 381
400 380
450,000 tonnes capacity 356
◦ In March 2008, Evraz signed an agreement to acquire
350 312
305
IPSCO's Canadian plate and pipe business for an 300
anticipated net amount of US$2.3 bln 250
◦ 1 mln tonnes of crude steel capacity; own scrap collecting 200
facilities 150
◦ 3 tubular mills with annual capacity of 1.2 mln tonnes of 100
OCTG and LD pipes
50
◦ Strong synergies expected from business combination
0
with existing facilities in North America 2 00 4 2005 2006 2007 2008F
◦ Acquisition remains subject to regulatory approvals
IPSCO Canada 2007 Product Mix Announced North American Pipeline Expansions
‘000 tonnes miles
5,000 4,753
4,313
3,974
Plate/Coil, 4,000
ERW pipe, 3,353
303 379
3,000 2,410
2,000
1,000
0
LD pipe, 351 2008F 2009F 2010F 2011F 2012F
Source: IPSCO Tubulars, Claymont/ market data Source: Canadian Energy Pipeline Association, Interstate Natural Gas Association
of America and IPSCO Tubulars management estimates

21. Delong Holdings 21
◦ In February 2008, Evraz signed an agreement to acquire up to 51% of Delong Holdings
◦ Approximately 3.0 mln tonnes integrated modern HRC mill located in Hebei province in 400 km
from Beijing and from the sea ports
◦ Coils ranging between 520mm and 1,100mm in width used mostly in pipemaking
◦ The deal is subject to further regulatory approvals
Delong Shipments Delong Location in China
‘000 tonnes
3,500
3,000
3,000
2,382
2,500
2,000
1,692
1,420 Delong Holdings
1,500
1,000
500
0
2005 2006 2007 2008F
Source: Delong Holdings FY2007 financial report

22. 22
FY2008 Outlook

23. Outlook 23
◦ Consolidated revenues are expected to increase in 1H08 by 60-65% vs. US$6,053 mln in 1H07
EBITDA is expected to grow to apx. US$3,050 mln in 1H08 vs. US$2,050 mln in 1H07
◦ FY08 capital investments are budgeted at US$1,070 mln
◦ Investment capex: US$545 mln Maintenance capex:US$523 mln
◦ Numbers to be revised following completion of IPSCO Canada and Delong Holdings acquisitions
FY08 Expected Production 1H08 Expected EBITDA Composition
US$ mln
‘000 tonnes
25,000
346
20,000
369
5,500 768
15,000
23,000
10,000 10,500 329
18,900 18,700
5,000
4,600 1,234
0
Coal Iron ore Vanadium
Coal Iron ore Crude steel Steel products
Russian steel Non-Russian steel
* Coal production includes 10.5 mln tonnes of coking coal, 4.6 mln tonnes of steam coal and 40% of Raspadskaya 2008F output
Iron ore output includes Sukha Balka ¾ 2008F production.
Crude steel and steel products includes output from existing assets, impact from consolidation of Claymont Steel and ¾ of Dnepropetrovsk Metal
Woks 2008F output. Steel products also includes pig iron sales from Russian mills.

24. Evraz’s Global Business 24

25. 25
+7 495 232-1370
IR@evraz.com
www.evraz.com