NLMK reports financials for its Q1 2016

1. Q1 2016 IFRS RESULTS
17 MAY 2016

2. DISCLAIMER
2
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.
This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to
purchase or subscribe for, any shares in the Company or Global Depositary Shares (GDSs), nor shall it or any part of it nor the fact of its presentation or
distribution form the basis of, or be relied on in connection with, any contract or investment decision.
No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No
representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to
the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents.
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 are consistent 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’ or any other third party
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.

3. CONTENTS
3
 1. Market Update and Headline Numbers
2. Financial Highlights
3. Segment Results
4. Annex

4. 0
5
10
15
20
25
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Exports Inventories
Improved supply discipline and restocking led to prices rise
Q1’16 GLOBAL STEEL MARKET TRENDS
4
STEEL OUTPUT
M tonnes
Source: Worldsteel
• Global steel output stable qoq at 385.4 mt (-3.6% yoy)
o China output dropped by 2.7 % yoy
o World ex-China (incl. DMs) showed qoq growth
• Chinese steel exports down by 5% qoq to 27.8 mt
• Lower inventories prompted restocking cycle
• Growth in raw materials prices
• Steel prices grew +45% YTD across all regions
supported by stronger demand and restocking
CHINESE STEEL EXPORTS & INVENTORIES
Source: Metal Bulletin
M tonnes
205 210 205 204 202 204 197 191 194
203 210 207 200 197 208 199 194 192
408 421 411 405 399 412 396 385 385
-8%
-4%
0%
4%
8%
0
50
100
150
200
250
300
350
400
450
500
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
World ex. China China World ex. China (y/y) China (y/y)
HRC PRICES (EXW) BY REGIONS
Source: Metal Bulletin
$/t
0
200
400
600
800
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Spread Price - Raw mat cost US EU China Russia

5. 100% utilization rates at the the Group’s core assets
Q1’16 NLMK OUTPUT AND SALES
• Steel sales increased by 10% qoq to 4.1 m t
o Product mixed improved: finished steel sales up by 22%
o Standard products sales up by 36% driven by domestic and
export sales of re-bars/billets (+31%) and HRC (+44%)
• Steel output grew by 3% qoq to 4.0 m t
o Higher production at Russian Long Products and
the US divisions
• 100% capacity utilization of the core assets
• Slab sales to international subsidiaries and
associates: 0.8 m t (47% of total slab sales)
5
STEEL PRODUCTION
SALES STRUCTURE
UTILIZATION RATES BY SEGMENT
0,36 0,44 0,31
0,47 0,45 0,45
1,62 1,66 1,57
1,24 1,07 1,45
1,09
1,04
1,12
3,95
0,83
3,77
0,89
4,14
0,77
Q1 2015
external
sales
Q1 2015
subsidiaries
and
associates
Q4 2015
external
sales
Q4 2015
subsidiaries
and
associates
Q1 2016
external
sales
Q1 2016
subsidiaries
and
associates
HVA
products
Standard
products
Semis*
Semis to NBH
Semis to
subsidiaries
3,09 3,26 3,20
0,69 0,53 0,630,09 0,08 0,16
3,87 3,86 3,99
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
4,00
4,50
Q1 2015 Q4 2015 Q1 2016
Russian flat products Russian long products Foreign rolled products
100%
72% 74%
94%
68%
75%
Russian flat
products
20%
Russian long
products
5%
Foreign rolled
products
100%
NLMK Group
Global average
M tonnes
=+ +
M t
M t
* Including sales to NBH

6. Solid performance against extremely weak global market
Q1’16 HIGHLIGHTS
• Q1’16 KEY HIGHLIGHTS
o Revenue: $1,577 m (-4% qoq; -29% yoy)
o EBITDA: $290 m (-10% qoq; -55% yoy)
o EBITDA margin: 18% (-2 p.p. qoq; -11 p.p. yoy)
o Net profit: $57 m (-25% qoq; -82% yoy)
o Capex: $121 m (-19% qoq; +4% yoy)
o Free cash flow*: $275m (+147% qoq; -21% yoy)
• FINANCIAL POSITION AS OF 31/03/2016
o Net Debt: $967 m (-11% qoq; -22% yoy)
o Net Debt/EBITDA: 0.6x (0.6x as of 31/12/15)
• DECLARED DIVIDENDS
o Q4’15: 14,564 million rubles (2.43 rubles per share)
o Q1’16: 6,772 million rubles (1.13 rubles per share)
6
FINANCIAL PERFORMANCE
FINANCIAL POSITION
0%
5%
10%
15%
20%
25%
30%
0
500
1 000
1 500
2 000
2 500
3 000
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Revenue EBITDA EBITDA margin
$ M
0,0
0,5
1,0
1,5
0
1 000
2 000
3 000
4 000
5 000
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Total Debt Cash & CE** Net Debt/EBITDA, rh
$ M
* Free cash flow = operational cash flow minus capex minus advances for VAT payments
on imported equipment minus net interest payments
** Cash & CE stands for Cash & Cash Equivalents and short-term investments

7. Q2 2016 performance will improve as the market recovers
Q2’2016 OUTLOOK
• MARKET
o Global market: world steel demand should stabilize in Q2 supported by better supply discipline, cost inflation and
stronger demand in the global markets
o Russian market: seasonal uptick in demand and global steel price trends continue to drive domestic prices up
o European market: steel consumption growth is anticipated to seasonally restore supported by low inventory levels.
Steel prices are driven by better demand, reduced competition from imports and cost push.
o US market: steady demand in construction and car manufacturing to support steel consumption with energy sector to
restrain growth. Weakening imports pressure and cost inflation to support steel prices
• OPERATIONAL RESULTS
o Better demand in Russian and global markets to translate into stronger sales
o The Group capacity utilization to remain above 90%
• FINANCIAL RESULTS
o Improving market conditions in early 2016 to drive financial performance in Q2’16
7

8. CONTENTS
8
1. Market Update and Headline Numbers
 2. Financial Highlights
3. Segment Results
4. Annex

9. $ M
Strong sales partially offset price softening
Q1’16 PROFITABILITY
• EBITDA down by 10% qoq to $290 m
o Due to narrowing price/cost spreads as selling prices bottomed
• (-) Russian Flat Products
o (-) Narrowed price spreads and price recognition lag effect
o (+) Strong sales both in Russia and export markets
o (+) Higher share of finished products
• (+) Foreign Rolled Products
o (+) Demand growth in the US and EU market
o (+) Widening price spreads to semis
• (+) Russian Long Products
o (-) Narrowed long products/scrap price spreads
o (+) Growth in sales volumes, mostly by a reduction in
accumulated stocks of finished products
o (+) Reduced costs in the periods of lower utilization rates
• (-) Mining
o (-) Lower ruble prices
o (-) Lower Q1 sales due to bottom level prices prompting
growth in Q2 sales
9
Q1’16/ Q4’15 EBITDA ANALYSIS
EBITDA BY SEGMENT
321
290
-39
-25
-20
40 13
EBITDA
Q4'15
Russian
flat
products
Foreign
rolled
products
Russian
long
products
Mining Other
operations
including
intersegmental
EBITDA
Q1'16
$ M
64 83 58
540
272
233
-13 -30
11
31
-18
-5
18
13
-7
641
321
290
Q1'15 Q4'15 Q1'16
Mining Russian flat products
Foreign rolled products Russian long products
Other operations including intersegmental

10. EBITDA
Net working capital change
Other non-cash operations*
Income tax
OPERATING CASH FLOW
Net interest
Capex**
Change of advances VAT
payments (capex)
FREE CASH FLOW
Net decrease in borrowings
FREE CASH FLOW TO EQUITY
Decrease in deposits
and financial investment
Dividends
FX rate change
and other factors
CHANGE IN CASH 203
22
-153
106
228
-47
275
2
-121
-28
421
-31
-2
164
290
2,5x growth in Free Cash Flow generation
CASH FLOW
• Q1’16 Net Operating Cash Flow: $421 M
o Working capital release of $164 m
 Decrease in slab stocks at NLMK USA due to higher sales
 Usage of winter scrap inventories at Russian assets
 Drop in finished steel inventories at Russian Long products
segment due to higher sales
o Q1’16 capex: $121 m
• 2.5X growth in Q1 FCF to $275 M
o Solid base for dividends payout
o Leading to net debt reduction and improved liquidity
10
Q1’16 CASH FLOW BRIDGE, $M
* Foreign currency exchange gains, other income/(expenses)
** Including capitalized interest of $9 m for Q1’16

11. Superior debt profile
DEBT POSITION
• Net debt reduction 11% qoq
o Net Debt: $0.97 bn (-11% qoq, -22% yoy)
o Total debt: $2.67 bn (flat qoq, +4% yoy)
• Strong liquidity maintained
o Cash and cash equivalents*: $1.7 bn (+7% qoq, +29% yoy)
• NET DEBT / 12M EBITDA: 0.61x (+0.05 p. qoq)
11
DEBT MATURITY AND LEVERAGE
FINANCIAL DEBT CHANGE IN Q1’16
NET DEBT CHANGE IN Q1’16
3,2
3,0
2,9
3,1
3,0
2,9
2,7
2,9
2,6
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Weighted average
maturity
1,4
1,1
0,8
0,7
0,5
0,5
0,5
0,6
0,6
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Net debt/EBITDA
2,12
2,63
2,07
0,56 -0,05 0,04 0,60
31 Dec'15 Net borrowings FX rate change and
other*
31 Mar'16
ST debt LT debt
1,09
0,42
0,12
0,15
0,02
0,97
-1,0
-0,5
0,0
0,5
1,0
1,5
Net Debt
(31 Dec '15)
Net operating
cash flow
Capex Dividends FX rate and
other factors
Net Debt
(31 Mar '16)
$ BN
$ BN
* Cash and cash equivalents and short term investments
** include interest accrued
2.68 2.67

12. 499
376
984
703
85
0
200
400
600
800
1 000
2016 2017 2018 2019 2020 and on
RUB bonds ECA lines Eurobonds (USD) Revolvers for W/C funding PXF
Strong liquidity position and comfortable debt maturity profile
LIQUIDITY AND DEBT MATURITY PROFILE
• Strong liquidity position of $1.7 bn with
additional $1.1 bn of credit lines
• Comfortable debt maturity profile
o ST debt $0.58 bn* incl. revolver lines for W/C financing,
RUB bonds, short term part of ECA-backed financing
o LT debt $2.07 bn, incl. Eurobonds, RUB bonds, PXF and
LT part of ECA-backed financing
12
LIQUIDITY AND ST-DEBT PAYMENTS*
DEBT MATURITY*
$ M
$ M
Available credit lines
1 699
578
1 107
84
273
142 79
Liquid assets Q2'16 Q3'16 Q4'16 Q1'17 12 months

13. CONTENT
13
1. Market Update and Headline Numbers
2. Financial Highlights
 3. Segment Results
4. Annex

14. 8% 6% 3% 3%
37% 35%
27% 26%
24% 30%
19% 23%
13% 15%
14% 14%
6% 5%
7% 5%
3% 4%
6% 6%
12% 12%
Sales volume
Q4 15
Sales volume
Q1 16
Revenue
Q4'15
Revenue
Q1'16
Other operations**
Transformer
Dynamo
Pre-painted
Galvanized
CRC
HRC
Slabs
Pig iron
1 406
1 289 1 270 1 201 1 223
1 025
928
603 537
342
409 322
274
210
462 528 540
366 403 272 233
23% 29%
34%
23% 26%
21% 20%
-20%
-10%
0%
10%
20%
30%
40%
0,0
500,0
1 000,0
1 500,0
2 000,0
2 500,0
Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Revenue from intersegmetal sales Revenue from third parties
EBITDA EBITDA margin
Solid EBITDA margin even in weak price environment
RUSSIAN FLAT PRODUCTS
• SALES TO 3RD PARTIES UP BY 2% QoQ
o (+) Improved demand in export markets
o (+) Finished steel sales up 15% qoq
o (-) Change in presentation of export sales*
• EXTERNAL REVENUE DECREASE BY 9% QoQ
o (+) Increase in sales volumes
o (-) Weak domestic prices and delayed exports sales
recognition (better prices in Q2)
• EBITDA REDUCTION TO $233 M
o (+) Higher share of finished products
o (-) Narrowed price spreads
14
SEGMENT REVENUE AND EBITDA
SALES & REVENUE FROM 3RD PARTIES
COST OF SALES IN Q1’16
19%
22%
6%6%
10%
4%
5%
1%
10%
10%
8%
Iron ore materials
Coke and coal
Scrap
Ferroalloys
Other raw materials
Electricity
Natural gas
Other energy resources
Personnel
Other expenses and changes in inventories
Depreciation
2.401 m t $1,025 m2.458 m t $928 m
**Revenue from the sale of other products and services
$ M
$801 m
+2% -9%
*Since Q1’16 export sales of other segments via traders have been accounted as sales of corresponding segments. Initially those shipments were accounted as sales of Russian Flat Product segment

15. Increase in sales despite low seasonal activity in the Russian market
RUSSIAN LONG PRODUCTS
• SALES TO 3RD PARTIES UP BY 43% QoQ
o (+) Higher exports of billets and long products
o (+) Change in presentation of export sales*
• EXTERNAL REVENUE UP BY 17% QoQ
o (+) Strong sales volumes
o (-) Seasonally weak domestic prices and weak global prices
• EBITDA IMPROVED BY 74% QoQ
o (-) Narrowed long products/scrap price spreads
o (+) Growth in sales volumes, mostly by a reduction in
accumulated stocks of finished products
o (+) Reduced costs in the periods of lower utilization rates
15
SEGMENT REVENUE AND EBITDA
SALES & REVENUE FROM 3RD PARTIES
COST OF SALES IN Q1’16
** Revenue from the sale of scrap, other products (ex. by-products) and services
61%
3%5%
7%
8%
10%
5%
Scrap
Ferroalloys
Other raw materials
Electricity
Personnel
Other expenses
Depreciation
$177 m
72% 73% 68% 68%
14% 10% 17% 11%
14% 17% 15%
16%
Sales volume
Q4'15
Sales volume
Q1'16
Revenue
Q4'15
Revenue
Q1'16
Scrap and other**
Billets
Metalware
Long products
625 k t $165 m$142 m438 k t
$ M
+43% +17%
378
302
231
267
220
142
165
115
94
43
95
88
68 24
53 38 31
7
27
-18
-5
11% 10%
11%
2%
9%
-8%
-2%
-10%
-5%
0%
5%
10%
15%
-100,0
0,0
100,0
200,0
300,0
400,0
500,0
600,0
Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Revenue from intersegmetal sales Revenue from third parties
EBITDA EBITDA margin
* Starting from Q1’16 export sales of long products through export traders are accounted as sales of Russian Long products segment

16. Extremely low iron ore prices drove EBITDA decline
MINING
• SALES VOLUMES DOWN BY 4% QoQ
o (-) Additional stock created to support Q2’16 volumes
with higher prices
• REVENUE DOWN BY 26% QoQ
o (-) Lower sales volumes
o (-) Lower RUB prices
• EBITDA MARGIN AT 54%, EBITDA OF $58 M
16
SEGMENT REVENUE AND EBITDA
SALES AND REVENUE
COST OF SALES IN Q1’16
* Other operations include limestone, dolomite and other sales
8%
23%
6%
30%
13%
18%
Raw materials
Electricity
Natural gas
Other energy resources
Personnel
Other expenses
Depreciation
$44 m
72% 76%
67% 72%
28% 24%
27% 21%
7% 7%
Sales volume
Q4'15
Sales volume
Q1'16
Revenue
Q4'15
Revenue
Q1'16
Other
operations*
Iron ore sales
to third parties
Iron ore sales
to Lipetsk site
4.303 m t $107 m$ 145 m4.485 m t
70 70
46 56
4
43 25
178
126
89
110
103
103
82
145 100
64
74
77 83
58
58%
51%
47%
45%
54%
57%
54%
0%
10%
20%
30%
40%
50%
60%
70%
0,0
50,0
100,0
150,0
200,0
250,0
300,0
Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Revenue from intersegmetal sales Revenue from third parties
EBITDA EBITDA margin
$ M
-4 % -26 %

17. Widening spreads and higher sales resulted in a positive EBITDA
FOREIGN ROLLED PRODUCTS
• SEGMENT SALES UP BY 26% QoQ
o (+) NLMK Dansteel sales +9% qoq
o (+) NLMK USA sales volumes + 31% qoq
• SEGMENT’S PROFITABILITY IMPROVED
o (+) Increase in sales volumes
o (+) Widening spreads b/w slabs and finished steel
o (+) Inventory of expensive slabs exhausted (USA)
17
SALES & REVENUE FROM 3RD PARTIES
SEGMENT REVENUE AND EBITDA
* Revenue from the sale of other products and services
24% 21% 23% 20%
37% 41%
28% 32%
22% 24%
23% 26%
17% 14%
18% 16%
8% 6%
Sales volume
Q4'15
Sales volume
Q1'16
Revenue
Q4'15
Revenue
Q1'16
Other operations*
Galvanized
CRC
HRC
Thick plate
Semi-finished
590 k t $317 m$ 282 m469 k t
502 502 523
488
420
382
358
282
317
35
5 34 30
-13
-42
-12 -30
11
7%
1%
7% 6%
-3%
-11%
-3%
-11%
3%
-100,0
0,0
100,0
200,0
300,0
400,0
500,0
600,0
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Revenue from third parties EBITDA EBITDA margin
$ M
+26 % +12 %

18. CONTENT
18
1. Market update & headline numbers
2. Financial highlights
3. Segment results
 4. Annex

19. M tonnes
8% 6% 7%
7% 8% 6%
13% 13% 14%
18% 17% 20%
30% 25% 23%
8% 9% 9%
Q1'15 Q4'15 Q1'16
Other products*
Pig iron
Slabs
Billets
HRC
Thick plates
CRC
Galvanized
Pre-painted
Electrical
Long products
Metalware
Sales volumes followed market trends in the US and Russia
SALES STRUCTURE
• Q1’16: SALES UP BY 10% QoQ TO 4.14 MT
o +37 % QoQ Longs
o +18% QoQ Flats
o +8% QoQ high value added products
o -5% QoQ of semi-finished
• Q1’16: REVENUE DOWN 4% QoQ TO $1.58 BN
o (-) Decrease in steel prices
• PRICE ENVIRONMENT
o Russia: prices dropped by 5% QoQ
o Russia export: prices declined by 1% QoQ
o Europe: prices down by 5% QoQ
o USA: prices increased by 5% QoQ
19
SALES STRUCTURE BY PRODUCT
REVENUE BY PRODUCT
0,44 0,32 0,46
0,24 0,22 0,19
0,47 0,43 0,53
0,79 0,75
0,99
1,42 1,35 1,31
Q1'15 Q4'15 Q1'16
Pig iron
Slabs
Billets
HRC
Thick plates
CRC
Galvanized
Pre-painted
Electrical
Long products
Metalware
3.96 3.77 4.14
1.642.22 1.58
* Revenue from Other operations includes sales of other products (iron
ore, coke, scrap and others)
$ BN

20. $ Bn
Capturing opportunities in the Russian market
SALES GEOGRAPHY
• +11% QoQ GROWTH IN GLOBAL SALES
o +33% QoQ in North America
o +26% QoQ in European Union
o +7% YoY to Middle East, incl. Turkey
• +8% QOQ - SALES TO RUSSIAN MARKET
o Despite seasonally weaker demand
20
NLMK SALES TO THE RUSSIAN MARKET
STEEL PRODUCT SALES BY REGION
REVENUE BY REGION
by sector by product type
71%
9%
20%
0%
20%
40%
60%
80%
100%
Sales by industries
in Q1'16
Pipe producers
Machine building
Construction and
infrastructure 29%
54%
17%
Sales by product
type in Q1'16
Semi-finished
Flat steel
Long products and
metalware
1,41 1,45 1,56
0,81 0,77
0,97
0,32 0,34
0,360,53 0,45
0,600,33 0,21
0,160,55
0,55
0,48
0
1
1
2
2
3
3
4
4
5
Q1 15 Q4 15 Q1 16
Others
SE Asia
N.America
M. East*
EU
Russia
0,78 0,61 0,59
0,39
0,37 0,32
0,17
0,14 0,13
0,39
0,24 0,28
0,31
0,19 0,18
0
1
2
3
Q1 15 Q4 15 Q1 16
Others
SE Asia
N. America
M. East*
EU
Russia
2.22
1.64
1.58
* incl. Turkey
M tonnes
3.96 3.77 4.14

21. 949 900 858
466 450 453
213 321
160
146 122
154
1 775 1 793
1 625
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
-
200,0
400,0
600,0
800,0
1 000,0
1 200,0
1 400,0
1 600,0
1 800,0
2 000,0
Q1'15 Q4'15 Q1'16
To third parties NBH NLMK USA NLMK Dansteel
222 176
242
132
103
142
74
78
82
109
111
121
536
468
588
01,23401752,46803513,70205264,93607016,17008767,40410528,63812279,872140211,10615812,34017513,57419314,8082116,04222817,27624518,51026319,7442820,97829822,21231523,44633324,68035125,91436827,14838628,38240329,61642130,85043832,08445633,31847334,55249135,78650837,02052638,25454339,48856140,72257841,95659643,19061344,42463145,65864846,89266648,12668349,36070150,59471951,82873653,06275454,29677155,53078956,76480657,99882459,23284160,46685961,70087662,93489464,16891165,40292966,63694667,87096469,10498170,33899971,57301672,80703474,04105275,27506976,50908777,74310478,97712280,21113981,44515782,67917483,91319285,14720986,38122787,61524488,84926290,08327991,31729792,55131493,78533295,01934996,25336797,48738598,72140299,95542101,18944102,42345103,65747104,89149106,12551107,35952108,59354109,82756111,06158112,29559113,52961114,76363115,99765117,23166118,46568119,6997120,93372122,16774123,40175124,63577125,86979127,10381128,33782129,57184130,80586132,03988133,27389134,50791135,74193136,97595138,20996139,44398140,678141,91202143,14603144,38005145,61407146,84809148,0821149,31612150,55014151,78416153,01817154,25219155,48621156,72023157,95424159,18826160,42228161,6563162,89031164,12433165,35835166,59237167,82638169,0604170,29442171,52844172,76245173,99647175,23049176,46451177,69852178,93254180,16656181,40058182,63459183,86861185,10263186,33665187,57066188,80468190,0387191,27272192,50673193,74075194,97477196,20879197,4428198,67682199,91084201,14486202,37887203,61289204,84691206,08093207,31494208,54896209,78298211,017212,25101213,48503214,71905215,95307217,18708218,4211219,65512220,88914222,12315223,35717224,59119225,82521227,05922228,29324229,52726230,76128231,99529233,22931234,46333235,69735236,93136238,16538239,3994240,63342241,86744243,10145244,33547245,56949246,80351248,03752249,27154250,50556251,73958252,97359254,20761255,44163256,67565257,90966259,14368260,3777261,61172262,84573264,07975265,31377266,54779267,7818269,01582270,24984271,48386272,71787273,95189275,18591276,41993277,65394278,88796280,12198281,356282,59001283,82403285,05805286,29207287,52608288,7601289,99412291,22814292,46215293,69617294,93019296,16421297,39822298,63224299,86626301,10028302,33429303,56831304,80233306,03635307,27036308,50438309,7384310,97242312,20643313,44045314,67447315,90849317,1425318,37652319,61054320,84456322,07857323,31259324,54661325,78063327,01464328,24866329,48268330,7167331,95071333,18473334,41875335,65277336,88678338,1208339,35482340,58884341,82285343,05687344,29089345,52491346,75892347,99294349,22696350,46098351,69499352,92901354,16303355,39705356,63106357,86508359,0991360,33312361,56713362,80115364,03517365,26919366,50321367,73722368,97124370,20526371,43928372,67329373,90731375,14133376,37535377,60936378,84338380,0774381,31142382,54543383,77945385,01347386,24749387,4815388,71552389,94954391,18356392,41757393,65159394,88561396,11963397,35364398,58766399,82168401,0557402,28971403,52373404,75775405,99177407,22578408,4598409,69382410,92784412,16185413,39587414,62989415,86391417,09792418,33194419,56596420,79998422,03399423,26801424,50203425,73605426,97006428,20408429,4381430,67212431,90613433,14015434,37417435,60819436,8422438,07622439,31024440,54426441,77827443,01229444,24631445,48033446,71434447,94836449,18238450,4164451,65041452,88443454,11845455,35247456,58648457,8205459,05452460,28854461,52255462,75657463,99059465,22461466,45862467,69264468,92666470,16068471,39469472,62871473,86273475,09675476,33076477,56478478,7988480,03282481,26683482,50085483,73487484,96889486,20291487,43692488,67094489,90496491,13898492,37299493,60701494,84103496,07505497,30906498,54308499,7771501,01112502,24513503,47915504,71317505,94719507,1812508,41522509,64924510,88326512,11727513,35129514,58531515,81933517,05334518,28736519,52138520,7554521,98941523,22343524,45745525,69147526,92548528,1595529,39352530,62754531,86155533,09557534,32959535,56361536,79762538,03164539,26566540,49968541,73369542,96771544,20173545,43575546,66976547,90378549,1378550,37182551,60583552,83985554,07387555,30789556,5419557,77592559,00994560,24396561,47797562,71199563,94601565,18003566,41404567,64806568,88208570,1161571,35011572,58413573,81815575,05217576,28618577,5202578,75422579,98824581,22225582,45627583,69029584,92431586,15832587,39234588,62636589,86038591,09439592,32841593,56243594,79645596,03046597,26448598,4985599,73252600,96653602,20055603,43457604,66859605,90261607,13662608,37064609,60466610,83868612,07269613,30671614,54073615,77475617,00876
Q1'15 Q4'15 Q1'16
HRC CRC HDG Plates (NLMK Dansteel)
Uptick in sales both in the US and Europe markets
FOREIGN ASSETS PERFORMANCE
21
NBH FINANCIAL RESULTS
NBH ROLLED PRODUCT SALES
NLMK USA AND NLMK DANSTEEL SALES
SLABS SALES FROM RUSSIAN FLAT DIVISION
218 187
228
164
135
175
85
86
87
13
9
11
479
417
501
0,001,052,103,154,215,266,317,368,419,4610,5111,5712,6213,6714,7215,7716,8217,8718,9319,9821,0322,0823,1324,1825,2326,2927,3428,3929,4430,4931,5432,6033,6534,7035,7536,8037,8538,9039,9641,0142,0643,1144,1645,2146,2647,3248,3749,4250,4751,5252,5753,6254,6855,7356,7857,8358,8859,9360,9862,0463,0964,1465,1966,2467,2968,3469,4070,4571,5072,5573,6074,6575,7076,7677,8178,8679,9180,9682,0183,0684,1285,1786,2287,2788,3289,3790,4291,4892,5393,5894,6395,6896,7397,7998,8499,89100,94101,99103,04104,09105,15106,20107,25108,30109,35110,40111,45112,51113,56114,61115,66116,71117,76118,81119,87120,92121,97123,02124,07125,12126,17127,23128,28129,33130,38131,43132,48133,53134,59135,64136,69137,74138,79139,84140,89141,95143,00144,05145,10146,15147,20148,25149,31150,36151,41152,46153,51154,56155,61156,67157,72158,77159,82160,87161,92162,98164,03165,08166,13167,18168,23169,28170,34171,39172,44173,49174,54175,59176,64177,70178,75179,80180,85181,90182,95184,00185,06186,11187,16188,21189,26190,31191,36192,42193,47194,52195,57196,62197,67198,72199,78200,83201,88202,93203,98205,03206,08207,14208,19209,24210,29211,34212,39213,44214,50215,55216,60217,65218,70219,75220,80221,86222,91223,96225,01226,06227,11228,17229,22230,27231,32232,37233,42234,47235,53236,58237,63238,68239,73240,78241,83242,89243,94244,99246,04247,09248,14249,19250,25251,30252,35253,40254,45255,50256,55257,61258,66259,71260,76261,81262,86263,91264,97266,02267,07268,12269,17270,22271,27272,33273,38274,43275,48276,53277,58278,63279,69280,74281,79282,84283,89284,94285,99287,05288,10289,15290,20291,25292,30293,36294,41295,46296,51297,56298,61299,66300,72301,77302,82303,87304,92305,97307,02308,08309,13310,18311,23312,28313,33314,38315,44316,49317,54318,59319,64320,69321,74322,80323,85324,90325,95327,00328,05329,10330,16331,21332,26333,31334,36335,41336,46337,52338,57339,62340,67341,72342,77343,82344,88345,93346,98348,03349,08350,13351,18352,24353,29354,34355,39356,44357,49358,55359,60360,65361,70362,75363,80364,85365,91366,96368,01369,06370,11371,16372,21373,27374,32375,37376,42377,47378,52379,57380,63381,68382,73383,78384,83385,88386,93387,99389,04390,09391,14392,19393,24394,29395,35396,40397,45398,50399,55400,60401,65402,71403,76404,81405,86406,91407,96409,01410,07411,12412,17413,22414,27415,32416,37417,43418,48419,53420,58421,63422,68423,74424,79425,84426,89427,94428,99430,04431,10432,15433,20434,25435,30436,35437,40438,46439,51440,56441,61442,66443,71444,76445,82446,87447,92448,97450,02451,07452,12453,18454,23455,28456,33457,38458,43459,48460,54461,59462,64463,69464,74465,79466,84467,90468,95470,00471,05472,10473,15474,20475,26476,31477,36478,41479,46480,51481,56482,62483,67484,72485,77486,82487,87488,93489,98491,03492,08493,13494,18495,23496,29497,34498,39499,44500,49501,54502,59503,65504,70505,75506,80507,85508,90509,95511,01512,06513,11514,16515,21516,26517,31518,37519,42520,47521,52522,57523,62524,67525,73
Q1'15 Q4'15 Q1'16
HRC Plates Coated CRC
355
-15
264
-56
283
-7
Revenue
Q1'15
EBITDA
Q1'15
Revenue
Q4'15
EBITDA
Q4'15
Revenue
Q1'16
EBITDA
Q1'16
K tonnes
K tonnes
K tonnes
$ M
QoQ
Total 20%
CRC 16%
Coated 1%
Plates 30%
HRC 22%
QoQ
Total 26%
Plates 9%
HDG 5%
CRC 38%
HRC 38%
QoQ
Total -9%
NLMK Dansteel 27%
NLMK USA -50%
NBH 1%
To third parties -5%

22. NLMK has one of the lowest slab cash cost globally
CASH COST OF SLAB
22
Note: consolidated cash cost of slab at Lipetsk site.
11,6
12,0
11,0
10,8 10,8 10,7 10,7
12,3
12,5 12,4 12,5
11,9
396
388
348
310 308
295
225
197
238
197 190
159
0
100
200
300
400
500
0
3
6
9
12
15
2011 2012 2013 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Slab cash cost, k rub/t (lh) Slab cash cost, $/t (rh)
k rub/t $/t
29.39 31.09 31.85 35.96 35.00 36.19 47.42 62.19 52.65 62.98 74.63
RUB/$ exchange rate

23. www.nlmk.com
Sergey Takhiev
NLMK
Investor Relations
Russia, 115054, Moscow
18, Bakhrushina str, bldg 1
t. +7 495 915 15 75
m.+7 985 760 55 74
st@nlmk.com