H1 2013 INTERIM REPORT with lines for website

EVRAZ ANNOUNCES UNAUDITED INTERIM FINANCIAL RESULTS FOR H1 2013

29 August 2013 – EVRAZ plc (“EVRAZ” or “the Company”) (LSE: EVR) today announces its unaudited interim results for the six months ended 30 June 2013 (“the Period”).

H1 2013 HIGHLIGHTS

Commenting on the interim results in respect of 2013, Alexander Frolov, Chief Executive of EVRAZ, stated:

“While our sales volumes were broadly flat at 7.8 million tonnes in H1 2013, the financial results inevitably reflect the weaker steel price environment, with revenues decreasing 3% vs. H1 2012 to US$7,362 million and EBITDA declining to US$939 million.

During the reporting period we successfully delivered on three key investment projects: the commissioning of the new coking coal mine Yerunakovskaya VIII, the launch of the modernised rail mill at EVRAZ ZSMK and the introduction of PCI technology at EVRAZ NTMK. Each of these undertakings represents an important milestone in our strategy to develop our raw material base, enhance our product portfolio and preserve our low cost position in the global steelmaking industry. At the same time, in the face of challenging conditions for the global steel sector, we have revised and further adjusted our expansion plans in order to significantly increase the flexibility of future capital expenditure”.

Steel:

Steel segment revenue of US$6,416 million (-9% vs. H1 2012)

Crude steel production of 8.1 million tonnes (-3%)

Full capacity utilisation in Russia for construction long products due to healthy domestic demand

Total external sales of steel products of 7.8 million tonnes (+1%)

Temporary growth in sales of semi-finished products to reverse once the production ramp up at EVRAZ ZSMK’s rail mill is complete by Q2 2014

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Mining:

Mining segment revenue of US$1,622 million (vs. US$1,383 million in H1 2012) including US$228 million effect from the consolidation of Raspadskaya

Raw coking coal production of 9.1 million tonnes (vs. 4.0 million tonnes in H1 2012) including 4.0 million tonnes from Raspadskaya

Production of saleable iron ore products stable at 10.5 million tonnes

Vanadium:

Vanadium segment revenue of US$268 million (+2% vs. H1 2012)

Primary vanadium production (vanadium in slag) of 10,836 tonnes (-5%)

External vanadium product sales volumes of 8,612 tonnes (-11%) reflected the timing of receipt of the Russian export license

Investments:

Capital expenditure of US$492 million (vs. US$565 million in H1 2012) following delivery of several major investment projects in the period (rail mill modernisation, PCI project and commissioning of Yerunakovskaya VIII mine) and as a result of the capex optimisation programme

Capital expenditure for 2013 revised down to US$0.9-1.0 billion compared with initial budget of US$1.3 billion

Rail mill modernisation at EVRAZ ZSMK completed in January 2013 and currently being ramped-up

PCI project at EVRAZ NTMK fully reached design parameters in May 2013, while construction work on PCI at EVRAZ ZSMK continued

Yerunakovskaya VIII coking coal mine launched in February 2013, while development of Mezhegey coking coal deposit continued

Approaching the commissioning of Vostochny rolling mill in Kazakhstan

M&A developments:

Acquisition of a controlling interest in Raspadskaya coal mining company in January 2013 for US$964 million, satisfied through the issue of equity, warrants and staged cash payments, bringing effective interest to 82%

Acquired 51% stake in joint venture – Timir iron ore project from Alrosa in April 2013 in staged cash consideration of ca. US$160 million

Debt and liquidity:

Net debt of US$7,043 million vs. US$6,376 million as at 31 December 2012 including additional US$453 million of net debt contributed in H1 2013 due to the consolidation of Raspadskaya

Cash and short-term deposits of US$1,537 million

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Placed US$1,000 million Eurobonds due in 2020 with the lowest ever coupon rate achieved by EVRAZ of 6.50% p.a.

Prepaid US$950 million structured credit facility due 2015 with certain covenants on net leverage

In July 2013 Fitch affirmed long-term issuer default ratings of Evraz Group S.A. and EVRAZ plc at BBwith stable outlook

Dividends:

The Board has not recommended the payment of an interim dividend in respect of H1 2013.

CHIEF EXECUTIVE OFFICER’S REPORT

While our sales volumes were broadly flat at 7.8 million tonnes in H1 2013, the financial results inevitably reflect the weaker steel price environment, with revenues decreasing 3% vs. H1 2012 to US$7,362 million and EBITDA declining to US$939 million.

During the reporting period we successfully delivered on three key investment projects: the commissioning of the new coking coal mine Yerunakovskaya VIII, the launch of the modernised rail mill at EVRAZ ZSMK and the introduction of PCI technology at EVRAZ NTMK. Each of these undertakings represents an important milestone in our strategy to develop our raw material base, enhance our product portfolio and preserve our low cost position in the global steelmaking industry. At the same time, in the face of challenging conditions for the global steel sector, we have revised and further adjusted our expansion plans in order to significantly increase the flexibility of future capital expenditure.

Overview of Health, Safety and Environmental performance

The safety of our employees is of paramount importance. It is with the deepest regret that I have to report that, despite the consistent efforts being undertaken throughout the Company, 10 employees lost their lives as a result of work related accidents at EVRAZ’s operations in H1 2013.

All of these accidents have been thoroughly investigated and analysed in order to avoid reoccurrence and identify other workplace accident risks.

Some of the principal causes of injuries at our sites relate to slips, trips and falls on flat surfaces and, to combat this, we have developed a new safety standard for walkways that will be comprehensively implemented at the Company’s production sites this year. Workplace lighting is also being upgraded.

H1 2013 market environment

H1 2013 was challenging for the steel industry. After modest signs of recovery at the start of the year steel prices continued on a downward path, ultimately decreasing to levels substantially below the 2012 average by the end of the period. Global iron ore and coking coal prices also declined during H1 2013, influenced by steel prices and concerns regarding the prospect of new supplies coming on stream at the end of 2013 and in 2014. Expectations of lower growth in Chinese steel production and consumption also adversely affected sentiment.

Russian steel demand expanded over the period and approached record levels during the summer months, with demand 4.3% higher compared to the first half of 2012. However, disappointing Russian macroeconomic lead indicators heightened concerns of deterioration in economic growth, while mounting imports of construction steel products from Ukraine and Belarus capped the positive domestic price trends and effectively prevented Russian steel mills from taking full advantage of a favourable domestic market.

North American steel market conditions remained difficult given a lack of consistent pricing power for key industry players, a softening of the outlook for demand growth and the consequent underutilisation of capacity. While aggregate US industrial production remained strong in H1 2013, steel

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consumption was muted with a number of major steel consumers continuing to work down excess inventories.

European demand for flat products continued to deteriorate, putting the already thin spread between slab and plate prices under considerable pressure.

Steel segment

We benefit from an attractive product mix which is being further enhanced and developed in areas such as rails and construction long products in Russia, and tubular, long and rail products in North America. These businesses are well positioned to take advantage of ambitious infrastructure projects and the development of railways in Russia, as well as the domestic shale gas and oil activity in the USA.

One of the milestones of H1 2013 was the successful launch of the rail mill at EVRAZ ZSMK following a major modernisation programme. The EVRAZ ZSMK rail mill is capable of producing head hardened rails, including 100 metre rails suitable for high speed railways. Ramp-up to the full annualised capacity of 950,000 tonnes is expected by Q2 2014.

In order to strengthen our global leadership in rail production, we are also progressing with a rail mill project in EVRAZ North America which will allow us to improve rail quality, increase the mill’s capacity and expand technical customer support and product development. The modernisation programme is proceeding as planned with project completion expected in mid-2014.

Another highlight of the reporting period is the introduction of pulverised coal injection (PCI) at EVRAZ NTMK that will mitigate the risks of rising energy and of raw material costs in order to preserve our low cost position in steelmaking. The positive impact of this project on our cost base is applicable to the majority of market scenarios due to the delivery of a sustained reduction in the consumption of natural gas and coking coal. As initially planned, in the first half of 2013 the PCI equipment reached the designed parameters reducing consumption of natural gas and coke by 42% and 22% respectively, while increasing pig iron production capacity by 100,000 tonnes per annum. The cost saving effect is approximately US$10 per tonne of crude steel. We have also made further progress with the introduction of PCI at EVRAZ ZSMK.

As part of the actions taken to streamline our business model, we decided to temporarily idle our Italian plate rolling mill EVRAZ Palini e Bertoli, which has been suffering from the overall weakness of the Eurozone economy. This releases valuable working capital.

In addition, we are progressing well with plans to sell our Czech subsidiary EVRAZ Vitkovice Steel and expect to update the market by the end of Q3 2013 on that process. We also continue to work with the potential buyer of EVRAZ Highveld Steel and Vanadium and the due diligence process is currently in progress. An update on the sale of EVRAZ Highveld Steel and Vanadium is expected in Q4 2013.

Mining segment

In coking coal mining, where the Company enjoys the long-term competitive advantage of being a large scale, low cost producer, we continued the integration of Raspadskaya and delivered on previously announced organic growth options. For example, the development of the Yerunakovskaya-VIII mine was launched in February ahead of schedule and below budget. This coking coal mine has a nameplate capacity of 2.5 million tonnes per annum with an estimated cash cost of raw coal production of US$40 per tonne, one of the lowest among CIS coal mines.

In addition, we continued work on the Mezhegey Phase I coking coal project which will ensure long-term access to hard coking coal reserves.

In the iron ore mining division we continued to focus on cost savings and operational improvement programmes during the period. At our key iron ore mining asset, EVRAZ KGOK, we succeeded in maintaining cash costs of iron ore products at US$53 per tonne (before byproducts), firmly securing the position of the asset as a low cost operation. Asset restructuring, primarily of underground iron ore mines, is also underway at Evrazruda following the closure of the Irba mine and further actions with regard to certain other Evrazruda mines are under review.

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Looking longer term, EVRAZ has entered the Timir iron ore partnership to develop iron ore deposits in Southern Yakutia. Timir’s large iron ore resources and proximity to existing infrastructure provide for the efficient development of the project as a low cost operation. The realisation of the Timir project is fully in line with the Company’s strategy of securing attractively priced supplies of raw materials and is expected to replace the gradually depleting reserves of Evrazruda over the next 5-10 years.

Furthermore, we continue to explore options with regard to our non-core assets in both coal and iron ore with the objective of disposal or of minimizing their impact of on overall company performance.

Vanadium segment

The Vanadium segment managed to demonstrate positive performance due to strong global prices for ferrovanadium despite a decrease in sales volumes as a result of delays in obtaining the necessary export approvals.

Capital expenditure

We have managed to substantially increase the flexibility of our capital expenditure as a result of the completion of a series of important projects in our investment pipeline, such as the new coking coal mine Yerunakovskaya VIII, the launch of the modernised rail mill at EVRAZ ZSMK and the introduction of PCI technology at EVRAZ NTMK. In addition, in the face of challenging times for the global steelmaking industry, management has revised and adjusted further expansion plans.

Our capital expenditure for 2013 is reduced from the budgeted US$1.3 billion down to US$0.9- 1.0 billion (including Raspadskaya). We have temporarily lowered our spending on non-essential maintenance, and as a result, maintenance capex is currently estimated at US$460-470 million for 2013 compared with initial estimates of US$600-650 million.

Outlook

We remain confident in the strong long-term fundamentals of our business model. While fully recognising the scale of challenges currently being faced by the global steelmaking industry we believe that the actions being implemented across all of our operations and which are focused on cost reduction, efficiency improvements, the lowering of capital expenditure and the streamlining of our business model will provide a safe passage through the current period of turbulence and economic uncertainty.

Alexander Frolov

Chief Executive Officer

EVRAZ plc

FINANCIAL REVIEW

Giacomo Baizini, Chief Financial Officer, commented: “Whilst recognising that leverage is growing mainly due to falling EBITDA; as a result of prudent refinancing, proactive management of covenant compliance, operational improvements and the expected proceeds from disposals; we believe the company has sufficient liquidity to weather the current period of reduced profitability with confidence.”

Overview

As a result of the challenging conditions in the market for steel and steelmaking raw materials, the Company recorded a net loss of US$122 million for H1 2013, compared to a net loss of US$46 million in H1 2012. Falling prices in H1 2013 caused revenue to decline by 3.4% to US$7,362 million; consequently gross profit fell by 7.1% to US$1,485 million and EBITDA decreased by 21% to US$939 million.

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Free cash flow for the period was negative at US$(87) million. As a result of this and the effect of the consolidation of Raspadskaya’s debt, net debt increased to $7,043 million. As of today we have no debt with maintenance covenants that require testing before H2 2014.

As of 30 June 2013, the Company’s cash and short-term deposits amounted to US$1,537 million, compared to short-term debt of US$1,574 million.

Corporate developments

As part of a strategic realignment of our asset base, the Group decided to dispose of EVRAZ Highveld Steel and Vanadium and the EVRAZ Vitkovice Steel operations. Accordingly these assets are accounted for as assets held for sale as at the end of the period.

In January 2013, we completed the acquisition of a controlling interest in the Raspadskaya coal company for US$964 million, a transaction which was primarily financed by equity accompanied by a US$202 million cash component payable in equal quarterly instalments ending on 15 January 2014.

In addition, in April 2013 we acquired a 51% stake in Timir, a joint-venture with Alrosa (shareholder agreement gives joint control), created for the development of major iron ore deposits in Yakutia, Russia, for RUB4,950 million (ca. US$160 million) payable in quarterly instalments until 15 July 2014.

Statement of Operations

Revenues

(US$ million)

Group revenues for H1 2013 decreased by 3.4% to US$7,362 million, with revenues from the Group’s steel segment (excluding intersegment sales) amounting to US$5,732 million or 78% of total Group‘s revenue.

Steel sales volumes remained largely unchanged at 7.8 million tonnes compared to 7.7 million tonnes in H1 2012. The decline in revenues was largely due to a decrease in prices, in line with the general negative trend in steel pricing. Average Steel segment revenue per tonne decreased by 10% in H1 2013 compared to H1 2012 reflecting concerns regarding China’s growth prospects and ongoing economic problems in the Eurozone. Prices of flat rolled products were hit particularly hard by the stagnation in the Eurozone and shrinking spreads between semi-finished and final products in the USA.

Steel revenues were also impacted by a temporary change in the Group’s product mix during H1 2013 due to the ramp up of the new rail mill at EVRAZ ZSMK which resulted in an increase in the sales of lower margin semi-finished products. This trend is expected to reverse once the rail mill reaches full output by Q2 2014.

Mining revenues rose 17.3% to US$1,622 million in the period, compared to US$1,383 million in the first half of 2012. This growth in revenues was primarily the result of the consolidation of Raspadskaya.

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Revenue by region

(US$ million)

As a result of declining steel prices, particularly for flat rolled products in Europe and the USA, and the temporary change to the company’s product mix, EBITDA for H1 2013 was US$939 million compared to US$1,184 million in H1 2012. The negative impact of the decline in revenues in the Steel segment was partially offset by lower raw material costs.

Mining EBITDA was negatively impacted by falling prices and slightly lower volumes of iron ore sales (while production was stable) and, in particular, coking coal.

The increase in Vanadium EBITDA from US$4 million in H1 2012 to US$34 million in H1 2013 largely reflected the recovery in prices of vanadium products.

The decrease in the other operations segment is attributable to the disposal of our transport subsidiary EvrazTrans at the end of 2012.

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Cost of revenues, expenses and results

(US$ million)

The Group’s cost of revenue decreased by 2.4% to US$5,877 million in H1 2013 compared with US$6,020 million in H1 2012. This was mostly due to a 20% fall in raw material costs and a 19% reduction in depreciation charges which, in turn, were partially offset by higher staff, transportation and other miscellaneous costs.

A detailed breakdown of the cost of revenue can be seen in the following table:

(US$ million)

(US$ million)

In the reporting period, the foreign exchange effect did not have any material impact on costs compared to H1 2012.

The cost of raw materials, the largest single cost item, decreased by US$444 million in H1 2013 driven mostly by lower coking coal and scrap costs which fell by US$258 million and US$215 million respectively. The reduction in coking coal costs in H1 2013 was attributable to lower volumes of coking coal purchased from the market following the disposal of the Ukrainian coking plant DKHZ in 2012 (US$72 million), the consolidation of Raspadskaya (US$42 million), higher intragroup supplies of coal by Yuzhkuzbassugol (US$24 million) and a more than 20% reduction in the price of purchased coking coal (approximately US$120 million). A decrease in scrap costs in the period was primarily due to lower volumes of purchases from third parties, resulting in a saving of US$150 million in Russia and North America, in addition to lower prices which accounted for a further US$65 million reduction.

The costs for semi-finished products fell by 4% primarily due to lower prices, which were partially compensated by higher volumes purchased from third parties.

However, auxiliary material costs increased by 13%, or US$58 million, due to the consolidation of Raspadskaya, which accounted for US$53 million of additional costs.

Expenditure on services increased by 21%, or US$69 million, primarily as a result of higher volumes of coal processed at third party coal washing facilities which increased costs by US$24 million, the consolidation of Raspadskaya which added US$13 million, as well as repairs and maintenance costs and industrial services at North American, Russian and vanadium operations.

The cost of goods for resale increased by 16%, or by US$42 million, to US$301 million in H1 2013. The increase of US$28 million is due to the purchase by EVRAZ Metal Inprom, the Company’s retail trading arm, of more third party products to meet customer demand, while a further US$14 million was the result of a power supply company, MetalEnergo Finance, increasing the volumes of heat resold.

Transportation costs increased by 20%, or by US$75 million, due to the consolidation of Raspadskaya which added US$39 million in costs and a US$21 million charge due to a change in the delivery basis for the supply of iron ore between the Group’s Russian operations from FCA (“free carrier”) to CPT (“customer paid to”). In addition, transportation costs were further impacted by the disposal of the Group’s rail transportation subsidiary EvrazTrans in December 2012, which accounted for US$28 million of costs in H1 2012.

Staff costs increased by 16%, or by US$138 million, due to the consolidation of Raspadskaya, which was responsible for 7% or US$61 million of the rise, and higher wages at the Group’s other operations, which rose in accordance with collective bargaining agreements and accounted for 9% or US$77 million of the increase.

Total depreciation, depletion and amortisation in cost of goods sold amounted to US$486 million in H1

2013 compared to US$602 million in H1 2012. The decrease is mainly due to a lower depletion expense at Yuzhkuzbassugol driven by a revision of the accounting basis for mineral reserves in June 2012 and January 2013. Management excluded from the calculation of the depletion charge

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the future estimated development costs of deposits not expected to be developed earlier than 2040-2070. This is more in line with industry practice, and better reflects the costs to develop the deposits currently being exploited.

Electricity costs increased by 6%, or by US$17 million, primarily due to higher electricity prices across all regions with the exception of North America. Natural gas expenditure also increased by 4% due to higher average prices (+9%) which were partially offset by the reduced consumption of gas at EVRAZ NTMK following the implementation of the PCI technology.

An increase in other costs by 8% is mostly driven by the consolidation of Raspadskaya.

Selling and distribution expenses were 0.5% lower than in H1 2012, despite the consolidation of Raspadskaya, largely due to reduced long distance sales, the suspension of amortisation of intangibles for assets classified as held for sale, and a lower bad debt expense due to improved cash collection from those municipalities which use heat and electricity produced by the Group’s subsidiaries.

General and administrative expenses increased by 4.7% in H1 2013 primarily reflecting the consolidation of Raspadskaya, which was partially offset by a decline in bonus accrual together with a reduction in expenses at Evrazruda and EVRAZ Highveld Steel and Vanadium as a result of significant cost saving initiatives.

Foreign exchange gains/(losses) moved from a US$28 million gain in H1 2012 to a US$(177) million loss in H1 2013. This, in large part, is due to currency fluctuations in respect of intragroup debt where the entities involved have different functional currencies. There is no IFRS concept of a Group’s functional currency, therefore the gains/(losses) of one subsidiary do not have offsetting entries in the Statement of Operations of another subsidiary with a different functional currency and thus cannot be eliminated on consolidation. This, for example, is the case between Russian subsidiaries which have the Rouble as the functional currency and our nonRussian entities with other respective functional currencies.

Interest expenses incurred by the Group have fallen steadily over the last two years as a result of the refinancing of debt at lower interest rates on a comparative basis. The increase in interest expenses from US$322 million in H1 2012 to US$377 million in H1 2013, as reported in the financial statements, is mostly caused by the consolidation of Raspadskaya (US$21 million) and the cost of the early repayment of a pre-export facility (US$18 million).

In accordance with IFRS 3 “Business Combinations” with regard to a business combination achieved in stages, the acquirer shall remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and recognise the resulting gain or loss in the income statement. In H1 2013 the Group recorded a US$94 million gain on derecognition of the equity interest in Raspadskya held before the business combination.

Losses on financial assets and liabilities for H1 2013 amounted to US$(71) million and were dominated by a loss of US$(88) million on the change in fair value of derivatives – currency and interest rate swaps for Rouble bonds.

In H1 2013, the Company accrued an income tax expense of US$16 million, notwithstanding a loss before tax of US$(106) million. This was mostly due to losses at certain subsidiaries that could not be offset against profits of other subsidiaries, as well as the fact that some expenses are not deductible for tax purposes.

In H1 2013, the Company reported a US$(122) million net loss, compared to a net loss of US$(46) million in H1 2012.

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