Morgan stanley metals and mining conference — moscow

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Morgan stanley metals and mining conference — moscow

  1. 1. MORGAN STANLEYMETALS AND MINING CONFERENCE MOSCOW September 11, 2006
  2. 2. DisclaimerThis 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 part ofthis document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investmentdecision 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 orrepresentatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or itscontents 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 professionalsfalling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worthcompanies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons togetherbeing 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, 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 to obtainnecessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stockmarkets 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 inwhich Evraz Group S.A. will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate toevents 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 whichthey are made, and Evraz expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statementscontained herein to reflect any change in Evraz’s expectations with regard thereto or any change in events, conditions or circumstances on which anysuch 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. 1
  3. 3. Evraz Highlightsn Vertically integrated steel and mining business, among the 15 largest steel producers in the worldn 2005 Production of 13.9 million tonnes of crude steel and 12.1 million tonnes of rolled productsn 2005 EBITDA Margin of 28.6% is in the Top 10 globallyn Leader in Russian long products market with 30-100% market sharen High level of vertical integration and self-sufficiency in iron ore and coaln One of the lowest cost producers of steel in Russia and CIS with mines located close to steel production sitesn Strong commitment to high standards of corporate governance 2
  4. 4. Top Russian Steel ProducerEvraz Group’s main locations Top Russian steel producers Output of Russian assets Russian (mt) Main ranking Company 2003 2004 2005 products Vitkovice Steel 1 Evraz Group 13.9 13.7 13.8 Long Palini e Bertoli 2 MMK 11.5 11.3 11.3 Flat/long Stratcor 3 Severstal 9.9 10.4 10.8 Flat/long 4 NLMK 8.9 9.1 8.4 Flat 5 Mechel 4.6 5.5 4.6 Long/flat Source: Chermet, Evraz Note: Crude steel output Stratcor Highveld St. Petersburg Moscow N.Novgorod Kiev Lipetsk KGOK VGOK SurgutSteel mills Perm Stary Oskol Neryungri Ugol Samara NTMKIron ore mining Penza Yekaterinburg Tomsk OmskCoal mining Chelyabinsk Bratsk Kemerovo Krasnoyarsk NovosibirskSea ports Novokuznetsk Mine 12 Nakhodka Yuzhkuzbassugol Raspadskaya Irkutsk Sea Port NKMK ZapSibService Centres EvrazRudaVanadium 3
  5. 5. Vision and Strategic Goals Evraz Group’s Vision is to be a world class steel and mining Company and one of the Top 5 most profitable steelmakers globally by ROCE and EBITDA marginLeader in the Global player Lowest cost Global leaderconstruction with strong producer of in Vanadiumand railway position in crude steel in with marketsteel product attractive flat Russia and CIS share overmarkets in product markets through 30%Russia and complementing superiorCIS its world-class efficiency and semis export vertically business integrated mining platform 4
  6. 6. Vision and Strategic Goals Evraz Group’s Vision is to be a world class steel and mining Company and one of the Top 5 most profitable steelmakers globally by ROCE and EBITDA marginLeader in the Global player Lowest cost Global leaderconstruction with strong producer of in Vanadiumand railway position in crude steel in with marketsteel product attractive flat Russia and CIS share overmarkets in product markets through 30%Russia and complementing superiorCIS its world-class efficiency and semis export vertically business integrated mining platform 5
  7. 7. Well-positioned in High Growth Domestic Market n Exposed to high growth markets n Russian and CIS steel consumption remains below global benchmarks n Key sectors have shown very robust demand growth in 2005 n Russian sales remain high at more than 60% in revenue n Stable favorable domestic pricing environment supports sustainability of earnings n Evraz’s market share remains stable or growing Forecast of GDP growth and Prices for Major Products Y2005 steel consumption, 2005-2010 GDP % USD/tonne Steel Consumption Mt 750140 50 +6.0% 600 +6.0% GDP120 growth +5.8% 40 450 39,9 +5.7% 37,3 300 +6.1% 35,1 +6.4% 33,4100 31,6 30 150 30,5 Jan Feb Mar Apr May Jun Jul Aug Sep O ct Nov Dec 2005 2006 2007 2008 2009 2010 H-be a ms, Russia n price Re ba rs, Russ ia n price C ha nne ls, Russ ia n price Re ba rs, Export price , FO B (Fa r Ea s t) Sources: The RF Ministry of Economic development and Trade, Sla bs , e xport price (FOB, Bla ck Se a ) Bank of Russia, Chermetinfo, Metal-Expert, Metal Bulletin 6
  8. 8. Capitalising on the Growing Construction Market n Reinforcing long product leadership in Russia and CIS n Construction growth in Russia and CIS continues to outperform GDP Construction Output Forecast Russian Sales Product Mix 2005, 000 tonnes to Exceed GDP Growth400 2002 =100%350 GDP 6.34 mt = 100% Construction:300 Rebar consumption 255 295 1,277 259250200 1,537150 2,716100 2002 2008 2009 2004 Sem i-finished steel Railw ay secto r Co nstructio n secto r 2006 2010 2003 2005 2007 Mining secto r Plates Other ’06-’10F Construction Output CAGR: 6,7% ’06-’10F GDP CAGR: 5,6% ’06-’10F Rebar Consumption CAGR: 9,5%Source: Evraz, EIU, Chermet, Metall Expert 7
  9. 9. Strengthening Dominant Position in Railway Products n Strengthening strategic Russian market share by volume, 2005 partnership with Russian Railways 100% 100% 84% n Rail product growth driven by US$21 billion #1 75% investment in railway infrastructure and #1 rolling stock 49% 50% n Increasing market share in #1 30% 28% commercial segment of Russia 25% #1 #2 and CIS 0% Rails H- Channels Rebars Wheels n Penetrating export markets Beams Steel Consumption Growth Structure EVRAZ share in railway products 100% Steel Consumption 39,9 mt100% 37,3 33,4 35,1 75% 31,6 18% 80 30,5 Pipes 50% 21% 60 43% 25% 40 42% Long Products 0% ls e s s 39% r 20 t el xl er ai n ne h io e A ig R en Flat Products e h 38% ct pr st W st e U a Fa S lF ar Z 0 il ai lc a R ai R 2005 2006 2007 2008 2009 2010 R op T 8
  10. 10. Vision and Strategic Goals Evraz Group’s Vision is to be a world class steel and mining Company and one of the Top 5 most profitable steelmakers globally by ROCE and EBITDA marginLeader in the Global player Lowest cost Global leaderconstruction with strong producer of in Vanadiumand railway position in crude steel in with globalsteel product attractive flat Russia and CIS market sharemarkets in product markets through over 30%Russia and complementing superiorCIS its world-class efficiency and semis export vertically business integrated mining platform 9
  11. 11. Export Markets Non - Russian Sales Product Mix 2005 2005 Non-Russian Revenue Mix Others‘000 tonnes 4,680 15% Taiwan 20% USA 3% W Europe 7% 50 109 Korea Thailand 431 6% 1,252 18% China Se mi-finishe d ste e l Railw ay se ctor Construction sector 7% Plates Othe r Philippines Iran Vietnam 8% 8% 8% Slab/Billet Portfolio Flexibility Portfolio Management Opportunity 5.7 5.7 6 500 US$ per tonne 5 Slab 450 Slab 4 3 4.5 400 Billet 3 350 2 2.7 1.5 m tonnes 300 1 Billet 1.2 250 0 Min slab Max slab 05 05 05 5 06 06 5 5 Ju 05 Ju 5 O 5 5 Ja 5 Fe 6 Ap 6 Ju 06 6 Au 5 -0 -0 -0 -0 -0 -0 0 -0 -0 -0 -0 - - b- r- g- b- r- n- pt ct ay ov ay ar ar ne ne ly n ec Ap Fe Ja Source: Metal Bulletin, Metal Courier, Evraz Se M M M M D N 10
  12. 12. Establishing Presence in Flat Markets n Expand presence in the attractive flat product markets through selective M&A n Build a flexible world-class semis export business reaching 100% penetration in key clients segments and 50% long-term contracts share of slab sales Palini e Bertoli Vitkovice Steeln Evraz acquired 75% in Aug 2005 n Evraz acquired 98.96% and remainingn Target markets – Middle East, Western 1.04% of Vitkovice Steel in Nov, 2005 and Europe and North Africa Aug, 2006 correspondinglyn Total sales – ca 350,000 tonnes of rolled n Target markets – the Czech Republic and products in 2005 Central Europen Secure customer base for low-cost slab n Total sales in 2005 > 853,000 tonnes of produced in Russia, internal slab supply can rolled products cover 100% slab requirement n Access to premium plate marketn Access to premium and standard plate market 11
  13. 13. Global Player With Growing Focus on Flat Markets n Semis export markets remain volatile n Flat product market presence provides exposure to the benefits and a possible platform for regional consolidation process n Strong position in growing Central and South European plate markets Slab pricing vs. plate pricing Evraz position in European plate production 1000 US$/t ‘000 tonnes 2,847 900 800 700 600 500 1,361 400 1,090 1,000950 300 919 900 900 848 839 762 680 632 200 600 500 454 432 400 100 300 300 100 49 0 03 03 04 04 05 05 06 06 03 04 05 06 S va B i ni s co er ir kk i an a ) er l ia TK ts e e ru A ti Ar r ee er an e) co r m a z Ri no in ic id SS er oh tt gl V i a la n n n n v o Ru u ay ay ay ay al ov w p p p p Co de c ng st os lp Ja Ja Ja Ja ls gi Se Se Se Se uf ac sm v i ho ga de nr ik M M M M ta lG Er Va lz lK i o il l D al ce em to Si tk Sa es D D ee M ee es ar a (+ Kr St an St M C B+ ne r D om al S lo & IU an it t U ce (P EU export fob plate US dom estic plate Black Sea slab St M M Ar z ra EvSource: Evraz Group analytical and controlling departments, SBB 12
  14. 14. Vision and Strategic Goals Evraz Group’s Vision is to be a world class steel and mining Company and one of the Top 5 most profitable steelmakers globally by ROCE and EBITDA marginLeader in the Global player Lowest cost Global leaderconstruction with strong producer of in Vanadiumand railway position in crude steel in with marketsteel product attractive flat Russia and CIS share overmarkets in product markets through 30%Russia and complementing superiorCIS its world-class efficiency and semis export vertically business integrated mining platform 13
  15. 15. Integrated Business Modeln One of the lowest cost producers of steel in Russia and CISn High level of vertical integration and self-sufficiency in iron ore and coaln Vertically integrated business model of Evraz ensured that Evraz’s feedstock costs rose only by 13% against 33% rise in steel sector in Y2005 Feedstock Coverage Benefit of Vertical Integration 160% 300 $/t 140% + 33% 19 Externaly 29 1 9 120% 149% Internaly 200 12 100% + 13% 14% 1) 80% 1) 220 277 100 208 195 60% 40% 86% 0 20% 2004 2005 0% Benefit from vanadium slag sales 3) Benefit from integration into mining 4) Iron ore Coal Pro forma benefit from YuKU consolidation 5) Consolidated steel products cost per tonne 2)1) Steel segment cost per tonne estimated as (Revenue from steel products only – (Steel segment EBITDA - Vanadium slag sales) - Transport expense in Steel segment COS (export) - Steel segment Selling and Distribution costs) / Total steel products shipments2) Consolidated steel products cost per tonne estimated as steel segment cost per tonne less benefits from vanadium slag sales, integration into mining and YuKU consolidation3) Estimated as vanadium slag sales over total steel products shipments4) Estimated as (Mining segment EBITDA + Profit from associates (coal assets)) / Total steel products shipments5) Assumed additional profit from associates due to pro forma consolidation of YuKU from January 1, 2005, actual consolidation effective December 30, 2005* Calculated as of December 31, 2005. Data do not include recent acquisitions Source: Evraz 14
  16. 16. Cost Structure§ Evraz’s consolidated cost of revenues amounted to US$4,160 million andUS$3,514 million in 2005 and 2004, respectively Steel Segment, 2005 Mining Segment, 2005 7% 20% 7% 28% 4% 9% 63% 24% 10% 21% 7% Ra w ma teria ls Transpo rtation Sta ff cos ts Raw materials Staff costs Depreciation De precia tio n Ene rgy Othe r Energy Other 15
  17. 17. Vision and Strategic Goals Evraz Group’s Vision is to be a world class steel and mining Company and one of the Top 5 most profitable steelmakers globally by ROCE and EBITDA marginLeader in the Global player Lowest cost Global leaderconstruction with strong producer of in Vanadiumand railway position in crude steel in with marketsteel product attractive flat Russia and CIS share overmarkets in product markets through 30%Russia and complementing superiorCIS its world-class efficiency and semis export vertically business integrated mining platform 16
  18. 18. Growing Vanadium Businessn Best strength to weight ratio of common engineering materials n With 0.1% addition of vanadium in structured steel, strength can be increased by 10 to 20%; structures’ weight can be reduced by 15 to 25%n Steel industry (90%) n High strength low alloy (HSLA) Steels World Vanadium Market n Full Alloy Steels n Tool Steels / Stainless Steel Chemicals, Carbon Steels 3% n Alloys, 7% Sheet,n Airspace industry (7%) 27% Bars, 9% n Titanium alloys for jet engine parts, airframes, rockets, nuclear n New alloys for modern aircrafts Sections, and jets totals 20% of the weight 14% (A380 and B787)n Chemicals and Batteries (3%) n Catalyst for sulphuric acid and plastics n Dietary, glasses, pigments Plate, 40% Source: CRU 17
  19. 19. Recent acquisitionsn In June Evraz acquired 24.9 % in Highveldn In August Evraz acquired 72.84% in Strategic Minerals Corporation (Stratcor)n Acquisitions give access to finished vanadium market, bring significant technical know-how, and allow Evraz to capitalise on strong trends in vanadium market Stratcor Highveldn Strategic Minerals Corporation, is one of n Highveld Steel and Vanadium is a leading the worlds leading producers of vanadium producer and also produces vanadium alloys and chemicals for the steel, ferroalloys, and carbonaceous steel, chemical, and titanium industries productsn 2005: Revenues – $258m , EBITDA - n Evraz acquired 24.9 % in Highveld from $108m Anglo Americann Plant in Arkansas, USA with total capacity n 2005: Revenues – $1,124m , EBITDA - of 12 mln pounds of V2O5 equivalent per $510m year. Main products are Vanadium n In 2005 Highveld sold 735 thousand Chemicals and FeV tonnes of steel products, 4,407 tonnes (inn Plant in South Africa with total capacity V2O5) of Vanadium Pentoxide 1,750 of 14 mln pounds of V2O5 equivalent per tonnes (in V) of FeV and FeV Nitride, year. Main product is Nitrovan 1,117 tonnes (in V2O5) of Vanadium Chemicals and 263 thousand tonnes of alloys 18
  20. 20. Vision and Strategic Goals Evraz Group’s Vision is to a be world class steel and mining Company and one of the Top 5 most profitable steelmakers globally by ROCE and EBITDA marginLeader in the Global player Lowest cost Global leaderconstruction with strong producer of in Vanadiumand railway position in crude steel in with marketsteel product attractive flat Russia and CIS share overmarkets in product markets through 30%Russia and complementing superiorCIS its world-class efficiency and semis export vertically business integrated mining platform 19
  21. 21. Financial Results 2003 - 2005 n Proven Ability to Generate Strong Free Cash Flows n Internally-generated cash flows and liquidity steadily improving Growing profitable business Cash Flow Generation US$m 6,508 40% 5,9336,000 34% 35% 1,600 1,496 2.2x 2.5 30% 1,400 2.0 29%4,500 1,200 1.8x 25% 1.5 1,000 946 22% 20% 67% 801 1.03,000 800 0.2x 641 2,168 15% 0.5 ($m) 2,017 1,860 600 27% (x) 1,345 34% 413 0.01,500 10% 400 1,043 293 196 (0.5) 476 253 5% 200 43 0 0% 0 (1.0) 2003 2004 2005 (200) (1.5) (177) (400) (2.0) Revenue EBITDA* 2003 2004 2005 Net Income** EBITDA (margin, %) Cash Flow From Operations Free Cash Flow Cash & Equivalents CFO/Capex ROCE*** * EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E ** Net Income includes minority interests *** ROCE represents profit from operations plus profit from equity investments less income tax over total equity plus interest bearing loans and lease average for the period 20
  22. 22. Projected Capex Programme n Capex to increase the share of higher margin products n Capex programme to reduce costs, improve process flows and expand the product range High degree of scalability and Focused on steel segment efficiencies comfortably self-funded700 450600 400500 350 300400 250300 200 150200 100100 50 0 0 2006B 2007 2008 2009 2010 2011 2006B 2007 2008 2009 2010 2011 Development Maintenance Steel Segment Mining Segment 21
  23. 23. Stronger Financial Position § Low-levered company with Net Debt/EBITDA below 1.0x § Share of Unsecured Debt increased to 60% in 2005 vs. 48% in 2004 § Multiple upgrades: § Ba3 by Moody’s § BB- by Fitch § BB-/Stable Outlook by S&P Total Debt and Net Debt/EBITDA Significantly Improved Debt Maturity Profile US$m 9003,000 1.0 31-Dec-04 31-Dec-05 0.9 800 0.92,500 ($m, Debt amortizing) 0.8 2,350 700 0.8 0.7 6002,000 0.5 0.6 (x) 5001,500 1,318 0.5 400 0.4 0.4 3001,000 0.3 582.29 200 0.2 500 100 122 0.1 0 0.0 0 2002 2003 2004 2005 1yr 1-3yrs 3-5yrs 5-7yrs 7- Total Debt Net Debt/Adj. EBITDA 10yrs* total debt represents long-term loans, net of current portion, plus short-term loans and current portion of long-term loans** net debt represents long-term loans, net of current portion, plus short-term loans and current portion of long-term loans less cash*** net debt/EBITDA calculated as net debt at the end of period over EBITDA 22
  24. 24. Q2 Y2006 Trading updateProduct Q2 2006, Q2 2005, Q2 2006 / Q2 2006 / H1 2006 H1 2005 H1 2006/ thousand thousand Q2 2005 Q1 2006 H1 2005 tonnes tonnes change, % change, % change, %Steel division Pig Iron 3,310 2,920 +13.4% +7.8% 6,381 5,951 +7% Steel 4,159 3,467 +20.0% +8.3% 7,999 7,008 +14%Incl. VS 244 n/a n/a +24.5% 440 n/a n/a Rolled products1 3,721 2,953 +26.0% +9.3% 7,126 6,003 +19%Incl. PeB 111 n/a n/a +4.7% 217 n/a n/aIncl. VS 246 n/a n/a +22.4% 447 n/a n/aMining division2 Iron ore (saleable products) Concentrate 585 666 (12.2)% +17.2% 1,084 1,290 (16)% Sinter 2,249 2,322 (3.2)% +9.9% 4,295 4,632 (7)% Pellets 1,484 1,281 +15.9% +0.7% 2,957 2,757 +7% Coal (mined) Coking coal 194 156 +24.5% (5.6)% 400 156 n/a Steam coal 15 24 (36.5)% +26.9% 27 24 +14%Equity investments3 Coking coal (Raspadskaya) 1,851 1,327 +39.5% +16.1% 3,446 3,314 +4% Coking and steam coal 4,173 n/a n/a +18.8% 7,687 n/a n/a(Yuzhkuzbassugol)21 Operational results of Palini e Bertoli are consolidated into the Group since September 2005 and of Vitkovice Steel since December 2005.2 Operational results of Yuzhkuzbassugol are consolidated into the Group since December 31, 2005.3 Evraz Group holds 45.75% interest in Raspadskaya Mine and 50% interest in Yuzhkuzbassugol. 23
  25. 25. Strong Commitment to High Standards in Corporate Governance Objectives Evraz initiatives ü International audits by E&Yn Transparency ü Commitment to higher levels of disclosure ü Increased corporate transparency with easy information access ü Evraz Group S.A. operating as a profit centren Integrity of ü Independent Auditor + 3 Committees P&L ü LSE listingn Shareholder rights ü Independent directors (3 out of 9 members) protection and ü Corporate Governance Policies and Procedures, compliance compliance procedures in place ü Focus on downstream business and corporaten Efficient capital reorganization allocation ü Dividend policy to balance investment opportunities with returning cash to shareholdersn Minimization of ü Depository receipt programme: The Bank of New infrastructure risks York 24
  26. 26. Environmental Initiativesn Introduction of new technologies to reduce energy consumption and to meet environmental protection programmen Equipment upgrade in order to reduce emissionsn Within the 6 year period 2004 – 2010, Evraz is intending to spend approximately $134 million on replacing outdated machinery and equipmentn Major mills comply with international standard ISO14001:2004 Total Air Emissions Air Emissions per tonne of production ‘000 tonnes Kg/tonne600 26 25.478 530.576 525.468 502.202 25.5500 25 24.5400 359.7417 23.858 24300 23.5 23 22.654200 22.5100 22 21.5 0 21 2003 2004 2005 2010 (est) 2003 2004 2005 25
  27. 27. Corporate Social Responsibilityn Evraz goes well beyond regular working practices in CSR – Every site of the Group has developed a health programme for employees, including additional health services provided by both local and the Group’s medical centres – The Company established an pension fund for the employeesn Evraz supports communities’ initiatives and programs for children as well as provides equipment for teaching computer literacy and supports local schools and collegesn Evraz actively participates in community initiatives for safer environment 26
  28. 28. Expanding Interest in Coaln Evraz owns 46.3% beneficial interest in OAO Raspadskaya, the second-largest coking coal company in Russian In June 2006, OAO Raspadskaya completed acquisition of two mining assets: Mezhdurechenskaya Coal Company-96 and Razrez Raspadsky with fair value of $769 mlnn Evraz provided $225 mln in cash plus $300 mln. in short-term financial guarantees for OAO Raspadskaya Proved and Probable Reserves, mln tonnes Target Output, mln tonnes 18 16 CAGR = 12% 14 6.0 M UK-96 and 12 10 Razre z 304 Old 8 3.3 6 Raspadskaya 11.0 4 478 6.4 2 0 2005 2010 Raspadskaya MUK-96 & Razrez Source: IMC Reserve Audit Report 2006 Source: OAO Raspadskaya 27
  29. 29. +7 495 232-1370 IR@evraz.comwww.evraz.com

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