Your SlideShare is downloading. ×
презентация для инвесторов, февраль 2011
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

презентация для инвесторов, февраль 2011

411
views

Published on


0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
411
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Corporate PresentationFebruary 2011
  • 2. Disclaimer 02This 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 oracquire securities of Evraz Group S.A. (Evraz) or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No partof this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment orinvestment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placedon, 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 thisdocument 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) investmentprofessionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) highnet worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all suchpersons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this document or anyof its contents.This document contains “forward-looking statements”, which include all statements other than statements of historical facts, including, withoutlimitation, 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 bematerially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, theachievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability toobtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatilityin stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economicconditions.Such forward-looking statements are based on numerous assumptions regarding Evraz’s present and future business strategies and theenvironment in which Evraz Group S.A. will operate in the future. By their nature, forward-looking statements involve risks and uncertaintiesbecause they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speakonly as at the date as of which they are made, and Evraz expressly disclaims any obligation or undertaking to disseminate any updates or revisionsto 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 theforward-looking statements contained in this document.The information contained in this document is provided as at the date of this document and is subject to change without notice.
  • 3. Evraz Group in Brief 03◦ World-class steel and mining company, 14-th largest steel company globally in 2009◦ Leader in the Russian and CIS construction and railway products markets◦ A lead player in the European and North American plate and large diameter pipe markets◦ One of the world’s lowest cost steel producers due to production efficiency and high level of vertical integration◦ One of the leading producers in the global vanadium market◦ In 2010, Evraz produced 16.3 million tonnes of crude steel and sold 14.7 million tonnes of rolled products◦ 2009 consolidated revenue amounted to US$9.8 billion; EBITDA was US$1.2 billion◦ GDRs listed on London Stock Exchange; market capitalisation over US$18 billion
  • 4. Evraz’s Global Business 04
  • 5. 1H 2010 Financial Highlights 05 Consolidated Revenue and EBITDA◦ In 1H10 Group revenue rose by 38% vs. 1H09, largely US$ mln driven by increase in sales volumes of steel products and 10,723 higher average prices 10,000 9,657◦ 1H10 Group EBITDA advanced by 147% reflecting 8,000 6,379 revenue expansion and cost control 6,000 5,133 4,639◦ 1H10 Mining segment EBITDA more than quadrupled, 4,000 3,706 2,509 largely due to the growth in iron ore and coal prices 2,000 1,154 468 769◦ EBITDA margin improved from 10% in 1H09 to 18% in 0 1H08 2H08 1H09 2H09 1H10 1H10 Revenue EBITDA Revenue Drivers in 1H10 vs. 1H09 Consolidated Adjusted EBITDA US$ mln US$ mln 7,000 1,121 6,379 1,400 1,154 6,000 619 1,200 85 81 5,000 4,369 1,000 390 4,000 800 468 3,000 600 70 2,000 400 94 738 1,000 200 389 0 0 (34) (51) (140) 1H09 Revenue Volumes Prices 1H10 Revenue -200 1H09 1H10 Steel Mining Vanadium Other operations Unallocated subsidiaries & eliminations
  • 6. Cost Dynamics 06◦ Growth in scrap, coking coal and iron ore prices in 1H Cash Cost*, Slabs & Billets 2010 increased steelmakers’ costs US$/t◦ This cost increase was significantly offset by Evraz’s 450 400 402 430 high level of vertical integration into iron ore and coking 394 420 341 350 coal 285 300◦ Consolidated cost, approx. 65% of which is Rouble 250 253 324 denominated, was negatively impacted by 10% Rouble 200 224 268 appreciation vs. US dollar compared to 1H09 150◦ Increase in cash cost of coking coal concentrate 1H08 2H08 1H09 2H09 1H10 resulted from lower production volumes due to Slab Billet postponed long wall repositioning at the Ulyanovskaya mine * Average for Russian steel mills, integrated cash cost of production, EXW Consolidated Cost of Revenue, 1H 2010 Cash Cost, Russian Coking Coal and 7% Iron Ore Products 13% US$/t 10% 75 15% 69 63 12% 65 56 55 55 61 6% 5% 47 5% 43 11% 45 50 7% 47 4% 5% 43 35 Iron ore Coking coal Scrap 1H08 2H08 1H09 2H09 1H10 Ferroalloys Purchased semis Auxilliary materials Electricity Natural gas Staff costs Coal concentrate Iron ore products, 58% Fe Transportation Depreciation Other Source: Management accounts
  • 7. 07 4Q and FY 2010 Operational Results ◦ 2010 vs. 2009: ◦ 2010 consolidated crude steel output was 16.29 mt, +6.6% vs. 2009 ◦ Finished goods production increased by 15-35% depending on product category as a result of demand recovery in the key markets ◦ The Russian steel mills were 100% utilised in 2010 ◦ The growing demand for finished products were met by reducing semi-finished output by 28.4% ◦ 4Q10 vs. 3Q10: ◦ Production of steel and rolled products recovered following completion of scheduled maintenance at Russian steel mills ◦ Pricing for major products groups increased or remained flat ◦ Coking coal production recovered as 4Q10 was devoid of any negative one-offs of the previous quarters ‘ Production of Rolled Products, 2009-2010 Production of Rolled Products by Quarters, 2010‘000 tonnes ‘000 tonnes 14,665 14,275 1,40015,000 1,20012,000 1,000 9,000 800 6,000 600 400 3,000 200 0 0 2009 2010 Semi-finished Construction Railway Flat-rolled Tubular Other steel Semi-finished products Construction products products products products products products products Railway products Flat-rolled products 1Q10 2Q10 3Q10 4Q10 Tubular products Other steel products
  • 8. Benefiting from Rising Prices for Iron Ore and Coal 08 Raw Material Prices (Domestic Markets) Raw Material Prices (Domestic Markets)◦ 1H10 Mining segment revenue doubled and EBITDA US$/t 400 quadrupled vs. 1H09 reflecting the growth in prices◦ Volumes of coking coal mined decreased 27% in 2010 300 vs. 2009 due to a few negative exceptional factors, 200 e.g. sale of Tomusinskaya mine, shutdown of 100 Yubileynaya mine, delayed long wall repositioning in Ulyanovskaya mine, temporary mine closures for safety 0 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- inspections after the Raspadskaya explosion 10 10 10 10 10 10 10 10 10 10 10 10◦ Coking coal production recovered in 4Q10 with a Scrap, Russia, CPT Scrap, USA 36.7% increase over 3Q10 Iron ore concentrate, Russia, ExW Coking coal concentrate, Russia, FC Iron Ore and Raw Coal Production Mining Segment Revenue* and EBITDA, 1H09-1H10 ‘000 tonnes US$ mln18,000 2,01515,000 2,131 1,479 1,120 2,351 1,20012,000 4,998 3,854 1,000 5,301 3,655 800 652 9,000 600 6,000 390 9,955 9,608 10,191 400 8,809 3,000 200 94 0 0 1H09 2H09 1H10 2H10 1H09 1H10 Iron ore products Raw coking coal Raw steam coal Revenue EBITDA * Includes intersegment sales
  • 9. 09 Russian Government Infrastructure Spending◦ The Russian Government plans to spend US$30bn on RF Capital Investments in 2011 capital investments in 2011, including US$23bn on US$bn construction 35◦ Sochi 2014 Olympic construction objects consume 30 approx. 8% of Evraz’s Russian construction product 26 26 sales 20 21◦ Such new projects as construction of various objects 18 11 13 related to 2018 World Cup, an academic city in 9 Yekaterinburg, a space centre in the Russian Far East, a high speed railway Moscow-St Petersburg will have 0 considerable state financing 2006 2007 2008 2009 2010 2011◦ Russia committed to invest total $50bn into preparation for World Cup 2018, including $3.82bn to construct stadiums and $11bn on infrastructure Construction Spending in 2011 projects 23%◦ According to Evraz estimates, 2018 World Cup steel 30% needs for construction of stadiums (13 new to be built and 3 to be renovated), hotels, local infrastructure 5% (highways, bridges) may amount to 2.5-3 mt◦ Being a large producer of construction products in 16% 12% Russia, Evraz will be one of the beneficiaries 14% Infrastructure Housing for the military Residential housing Healthcare, education, recreational objects Power objects Other Source: Federal Capital Investment Programme, Morgan Stanley
  • 10. Consumption of Construction Steel in Russia 1012 100 mln.t. mlm sq.m. 9010 1,0 1,1 0,8 1,0 80 0,9 1,68 1,6 1,3 1,6 0,8 1,3 70 1,4 1,1 0,6 1,3 1,1 1,36 0,5 1,1 60 1,0 0,9 0,9 0,8 0,7 504 5,8 6,2 5,8 6,1 40 5,5 4,5 4,92 4,1 300 20 2007 2008 2009 2010B 2011F 2012F 2013F 2014F Rebar Channels Angles Beams Buildings completion, mln.m2 Recovery of construction steel product consumption began in 2010 Increase of shaped sections demand vs. rebar might be greater in the next years due to infrastructure projects development Russian demand for construction steel is expected to be approx. 10% higher in 2010 than in 2009 Sources: Rosstat, Railway statistics, Customer service statistics, Metal Courier, Rusmet
  • 11. Expansion of Rolling Capacities 11In December 2010, Evraz announced plans to build two new rolling mills: Yuzhny Rolling Mill (Rostov region, Russia) ○ Capacity of 450k tonnes of long steel, including 315k tonnes of rebar and 135k tonnes of angles/channels out of billets supplied by DMZ, Evraz’s steel mill in Ukraine ○ CAPEX of US$158 million ○ The plant is expected to be launched in mid-2013 ○ Yuzhny Mill will provide Evraz with a presence in the fast-growing area of Southern Russia Kostanay Rolling Mill (Kazakhstan) ○ Evraz will have 65% with 35% belonging to its local partner Caspian Group ○ Capacity of 450k tonnes of rebar ○ Zapsib and NKMK, Evraz’s steel mills in Siberia, will supply billets to the mill ○ CAPEX of US$131 million ○ The plant is expected to be launched in mid-2013 ○ Evraz will have an exposure to Kazakhstan local rebar market Construction of the mills will allow Evraz to expand its presence in the CIS long products market
  • 12. Strengthening Distribution Network 12 In December 2010, Evraz acquired Inprom, a leading metal service company in Russia, and created a combined company (Evraz 75%, Inprom shareholders 25%) consisting of Inprom and EvrazMetal assets Inprom is a leading metal service company with ◦ 27 metal centres in industrially developed regions of Russia ◦ 20,000 customers ◦ 12 types of steel processing services ◦ Main markets - South and Central Russia. ◦ Sales in 2010 ~400 kt ◦ Evraz is a major Inprom’s supplier with Evraz’s products accounting for 1/3 of sales ◦ EvrazMetal (former Carbofer Metall) is a network of metal trading companies acquired by Evraz in October 2009: ◦ 33 branches in Russia and the CIS (Kazakhstan) ◦ Specialised distributor of long products (in particular rebars) ◦ Sales in 2010 ~800 kt The combined company will be the biggest steel retailer in CIS with steel sales of 1.2 million tonnes in 2010 increased profitability from high margin steel product sales As a result of the deal, Evraz will be able to expand its presence in the steel retail trade in Russia
  • 13. Recent Market Developments 13 US$/t Evraz Selling Prices◦ Overall growing trend in steel prices is driven by demand recovery and increases in input costs 900◦ International prices for semi-finished steel declined in 800 700 May-June due to seasonal and regulatory factors but 600 stabilised in July 500◦ Steelmaking capacity utilisation: 400 ◦ Russia >95% 300 200 ◦ North America 95% Jan- 10 Feb- 10 Mar- 10 Apr- 10 May- 10 Jun- 10 Jul- 10 Aug- 10 Sep- 10 Oct- 10 Nov- 10 Dec- 10 ◦ Czech Republic 95% Slabs, Russia, export* Billets, Russia, export* ◦ South Africa 70% Rebars, Russia, FCA Plate, North America, FCA◦ Russian mining assets are running at 75% capacity in * Weighted average contract prices coal concentrate and 90% in iron ore Vanadium Prices, FeV, LMB◦ Vanadium expected to perform better than steel as vanadium usage rates in the emerging markets’ steel US$/kg V production sector approach the levels of industrially developed countries 40◦ Larger steel production volumes and better pricing in 35 4Q10 vs 3Q10 may be offset by increased costs 30◦ 4Q10 EBITDA is expected to be in line with 3Q10 25 EBITDA of US$612 million 20 15 Jan- Feb- Mar- Apr- May- Jun- Jul-10 Aug- Sep- Oct- Nov- Dec- 10 10 10 10 10 10 10 10 10 10 10
  • 14. Capital Market Developments 14◦ RUB15bn (equivalent to US$500 million) 3-year bonds issued in March 2010, swapped into US dollars to minimise Rouble currency exposure◦ In May 2010, Evraz drew down US$950 million 5-year Gazprombank loan and repaid US$1,007million VEB loan◦ In June-July 2010, Evraz refinanced US$357 million Nordea Bank loan due 4Q10 with new 4-year Nordea loan facilities in the amount US$404 million◦ RUB15bn (equivalent to US$490 million) 5-year bonds issued in November 2010◦ 5-year structured credit facility for US$950 million signed in November 2010 Proportion of Short-term Debt to Total Debt Proportion of Short-term Debt to Total Debt US$ mln 10,000 100% 8,482 7,923 7,873 8,000 80% 6,000 46% 60% 4,000 25% 40% 22% 2,000 20% 0 0% 30-Jun-09 31-Dec-09 30-Jun-10 Total Debt Short-term Debt, % of Total Debt
  • 15. Successful Debt Refinancing 15 ◦ Total debt of approx. US$7.9bn, net debt of US$7.2bn as of 30 September 2010 ◦ Consolidated cash balance of not less than US$500 million constantly maintained ◦ Declining cost of capital (bond yields have decreased from approx. 10% in October 2009 to around 6%) reflects improvements in Evraz’s performance and market conditions ◦ After refinancing activities in 2010 there are no significant debt repayments until 2013. ◦ We intend to further decrease our leverage and extend debt maturities Debt* Maturities Schedule Debt* Maturities Schedule Debt* Maturities Schedule Debt* Maturities Schedule (as of 31 December 2008) (as of 31 December 2008) (as of 31 December 2010) (as of 31 December 2010) US$ mln US$ mln 3,8604,000 4,0003,000 3,000 2,376 2,084 2,0772,000 1,568 1,733 2,000 802 747 764 7001,000 1,000 628 509 23 13 11 307 23 16 0 - 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 * Principal debt (excl. interest accrued) Source: Management accounts
  • 16. Growth Strategy 16 Product mix improvements ◦ Modernisation of rail mills enabling the production of high value-added products ◦ Upgrade of wheel shops ◦ Shift to production of American Petroleum Institute certified slabs and other enhanced quality higher margin steel products ◦ Product mix expansion geared to local market demand (new rebar grades, beams, pipe blanks, sheet) ◦ Exploring opportunities for development of construction steel rolling capacities in regions with high demand Raw material base development ◦ Development of a coal deposit in Yerunakovsky region of Kuzbass ◦ Expansion of resource base and development of the Mezhegey coking coal deposit and the Eastern field of the Ulug-Khemsky coking coal deposit ◦ Increase of own iron ore production and supplementary exploration at existing sites Cost-saving measures ◦ Implementation of pulverised coal injection projects at the Russian steel mills to eliminate usage of natural gas in blast furnaces and reduce consumption of coking coal. Added effect will be an increase in pig iron production volumes and, therefore, crude steel production ◦ Cost saving programmes in place, yielding US$20-30m efficiency gains a year at each plant Increase in production volumes ◦ Reconstruction of 4th converter and 3rd slab machine at NTMK completed in November 2010 increased crude steel output by up to 0.7 mtpa ◦ Considering construction of a second converter shop at NTMK with additional crude steel capacity of 1.5-2.0 mtpa
  • 17. Key Investment Projects 17 ◦ CAPEX in 2010 expected to be around US$950m vs. US$441m in 2009 ◦ Approximately US$550m of 2010 CAPEX directed to increasing productivity and development projects, key projects being:Project Total CAPEX 2010 CAPEX Project TargetsReconstruction of rail mill at US$440m US$220m ◦ Capacity of 950k tonnes of high-speed rails, including 450kNKMK tonnes of 100 metre rails ◦ On-stream by 2013Reconstruction of rail mill at US$60m US$43m ◦ Production of higher-quality railsNTMK ◦ 550k tonnes capacity ◦ On-stream by 2012Pulverised coal injection (PCI) US$320m US$40m ◦ Lower coke consumption from 420 to 320 kg/tonneat NTMK and ZSMK ◦ No need for gas consumption ◦ On-stream by 2013BOF workshop and caster No3 US$365m US$20m ◦ Modernisation of productionreconstruction at NTMK ◦ Increasing total converter shop capacity from 3.8 to 4.5 mtpa and caster No3 capacity to 4.2 mtpa ◦ On-stream by 2013Construction of Yuzhny and US$289m US$0m ◦ Capacity: 900 ktpa of construction productsKostanay rolling mills ◦ On-stream by mid-2013Reconstruction of wheel & tyre US$40m US$8m ◦ Production of higher-quality wheelsmill (mechanical area) NTMK ◦ On-stream by 2011Development of Mezhegey and TBD ◦ Maintaining self-sufficiency in high-quality hard coking coalEastern field coal deposits after depletion of existing deposits(Tyva, Russia) ◦ On-stream by 2015 and 2021 respectively
  • 18. Summary 18◦ Strategic focus on infrastructure markets and vertical integration into raw materials◦ Gradual recovery in the key markets after the crisis◦ Rapidly rising raw material prices provide support for steel prices and create cost pressure, especially for non-integrated steel producers◦ Increase in the proportion of finished products in the mix reflecting demand improvement in key markets of Russia and North America◦ Focus on operational efficiency, modernisation of existing capacities, development of mining base and integration of international assets◦ Improved demand and stronger pricing environment together with our cost leadership leave us well positioned to fully capitalise on the market recovery
  • 19. Appendices
  • 20. 1H 2010 Financial Summary 20US$ mln unless otherwise stated 1H 2010 1H 2009 ChangeRevenue 6,379 4,639 38%Cost of revenue (5,296) (4,297) 23%SG&A (750) (595) 26%Adjusted EBITDA* 1,154 468 147%Adjusted EBITDA margin 18% 10%Net Profit/(Loss)** (270) (999)EPS (US$ per GDR) (0.64) (2.52)Net Debt*** 7,198 7,783 (9)%Short-term Debt*** 1,740 3,937 (56)%Steel sales volumes**** (’000 tonnes) 7,714 6,823 13% * Adjusted EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets, revaluation deficit, foreign exchange loss (gain) and loss (gain) on disposal of PP&E. See the appendix on p.29 for reconciliation of profit (loss) from operations to Adjusted EBITDA ** If cost model of accounting for PP&E were applied, net result would have been a profit of approximately US$146 million for the 1H 2010 *** As of the end of the reporting period **** Here and throughout this presentation segment sales data refers to external sales unless otherwise stated
  • 21. Revenue by Geography of Customers 21 1H 2009 1H 2010 Africa & Africa & RoW RoW Other Asian 3% Other Asian 3% 7% Thailand 11% 3% Russia China 28% Thailand Russia 5% 4% 34% ChinaMiddle East 3% 10% Middle East 4% Ukraine 2% Europe Other CIS 9% Europe Ukraine 3% 9% 4% Other CIS Americas Americas 4% 30% 24%
  • 22. Cost Structure by Segment 22 Cost Structure of Steel Segment Cost Structure of Steel Segment◦ Rapid rises in coking coal, iron ore and scrap prices caused an increase in the contribution of raw 19% 11% 9% materials to steel segment costs 8% 11%◦ Vertically integrated model largely protects 12% 10% 8% 6% 5% steelmaking segment from escalation in raw material 5% 10% 6% 14% prices 5% 11% 13%◦ Exception is scrap prices, although portion of increase 8% 12% 17% is managed through the scrap-based price formula for certain products 1H09 1H10 Iron ore Coking coal Scrap Other raw materials Semi-finished products Transportation Staff Depreciation Energy Other Cost Structure of Mining Segment Cost Structure of Mining Segment Cost Structure of Vanadium Segment Cost Structure of Vanadium Segment 18% 19% 14% 16% 27% 22% 69% 58% 26% 25% 15% 11% 7% 11% 10% 11% 5% 7% 13% 1% 15% 1H09 1H10 1H09 1H10 Raw materials Transportation Staff costs Transportation Staff costs Depreciation Depreciation Energy Other Energy Other
  • 23. Mining: Vertical Integration 23 ◦ High level of vertical integration into iron ore sustained and continues to mitigate effect of rising raw material prices ◦ Coking coal volumes decreased due to postponement of longwall repositioning at the Ulyanovskaya mine ◦ Third quarter volumes depressed due to temporary safety shutdowns and safety inspections Washed Coking Coal (Concentrate) Self-Coverage* Iron Ore Self-Coverage* ‘000 tonnes ‘000 tonnes 117% 12,0006,000 10,397 10,580 5,288 9,955 9,608 117% 10,000 9,011 8,8095,000 4,504 84% 4,317 4,348 3,679 RASP 3,642 8,0004,000 RASP3,000 6,000 RASP2,000 4,000 73%** 2,000 98% 96% 91%1,000 87%** 50%** 0 0 1H09 2H09 1H10 1H09 2H09 1H10 Consumption Production Consumption Production * Self-coverage, %= total production (for coal, plus 40% of Raspadskaya production) divided by total steel segment consumption ** Coking coal self-coverage excl. 40% Raspadskaya share
  • 24. 24 4Q & FY10 Rolled Products Output by Assets Russia North America‘000 tonnes ‘000 tonnes 2,856 2,7573,000 2,596 2,648 149 128 71 146 1482,500 77 800 90 430 75 349 627 638 668 360 353 700 6302,000 600 923 1,020 193 235 2591,500 913 967 500 216 4001,000 300 239 206 215 203 1,106 1,282 1,107 1,162 200 500 90 94 94 117 100 104 94 93 89 0 0 1Q10 2Q10 3Q10 4Q10 1Q10 2Q10 3Q10 4Q10 Semi-finished Construction Railway Flat-rolled Other steel Construction products Railway products Flat-rolled products Tubular products Europe South Africa ‘000 tonnes ‘000 tonnes350 330 299 283 300 7300 248 4 5250 250 6200 200 154 141 149 146 274150 266 247 150 8 9 7 205 7100 100 98 71 85 90 50 50 40 36 49 29 31 48 49 7 43 0 0 28 1Q10 2Q10 3Q10 4Q10 1Q10 2Q10 3Q10 4Q10 Construction products Flat-rolled products Other steel products Semi-finished products Construction products Flat-rolled products Other steel
  • 25. +7 495 232-13-70 IR@evraz.com www.evraz.com