H1 2013 INTERIM REPORT with lines for website

Cash flow

Cash Flow

(US$ million)

Cash flows from operating activities before changes in working capital fell by 21.5% in H1 2013 to US$757 million reflecting lower product prices in H1 2013 compared to H1 2012.

In H1 2013 US$129 million was tied up in working capital, reflecting the seasonality of our business while in H1 2012 US$125 million was released primarily due to inflow from taxes recoverable of US$186 million.

Calculation of Free Cash Flow

(US$ million)

Free cash flow for the period was a negative US$(87) million as cash generated from operations was channelled into continuing investment to upgrade and maintain our asset base.

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Capex and key projects

In H1 2013 we reduced our total capital expenditure to US$492 million compared to US$565 million in H1 2012 in order to preserve cash. In H1 2013 we finalised the modernisation of the rail mill at EVRAZ ZSMK, commissioned the Yerunakovskaya VIII coking coal mine and saw our PCI project at EVRAZ NTMK become fully operational. We also made good progress with the Mezhegey Phase I and the Vostochny rolling mill projects, while the Yuzhniy rolling mill project was put on hold in light of the current market environment.

A summary of our capital expenditure for H1 2013 in millions of USD is as follows:

US$7,043 million from US$6,376 million at the start of the year, largely due to the consolidation of Raspadskaya which added US$453 million to net debt.

In March 2013, we offered holders of 9.25% Rouble-denominated notes with put in 2013 the option to either put the notes back to the Company at a nominal value or accept a new coupon of 8.75% per annum until 20 March 2015. As a result of the offer, we placed RUB2,735 million (US$89 million) worth of bonds bearing the new coupon and put option date, and repurchased RUB12,265 million (US$399 million) of the notes, using cash accumulated for this purpose on bank deposits. In April-May 2013, we additionally placed RUB1,150 million of repurchased notes back in the market.

In April 2013, we issued US$1,000 million of 7-year Eurobonds due 2020 bearing an interest rate of 6.50% per annum, the lowest coupon EVRAZ has ever achieved. The issue proceeds were used to refinance US$534 million of the 2013 Eurobonds and to prepay the remaining US$759 million of the US$950 million structured credit facility due 2015. The prepayment of the facility allowed us to both extend the consolidated debt maturities profile and reduce the liquidity risk arising out of potential non-compliance with the maintenance covenants. We have also signed amendments to the remaining bilateral bank facilities totalling approximately US$260 million that contained a number of financial covenants. The adjustment to the financial covenants removed some of the covenants and suspended testing of the remaining financial covenants until the end of H1 2014.

The interest expense accrued in respect of loans, bonds and notes was US$377 million for H1 2013, compared to US$322 million for H1 2012.

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Our cash and short-term deposits as at 30 June 2013 of US$1,537 million and expected cash flow from potential disposals compared with a short-term debt of US$1,574 million gives us confidence in our financial position.

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

Restatement of 2012 Financial Statements

During the preparation of the H1 2013 results we identified a classification error in the 2012 annual financial statements which related to foreign exchange movements attributable to certain subsidiaries disposed of in 2012. These foreign exchange losses had not been recycled from the equity reserve back through the statement of operations, as required by the relevant accounting standard. The error represents a one-off non-cash item, does not affect 2012 EBITDA, CAPEX, free cash flow, or net assets of the Company, and does not have an impact on the measurement of any of the group's covenants. For more details, please refer to Note 2 of the Financial statements.

IAS 19 “Employee Benefits”, which was revised in 2011 and became effective for annual periods beginning on or after 1 January 2013, introduced full recognition of defined benefit obligations in the statement of financial position whereas under the previous standard we accounted for a part of the obligation relating to unrealized actuarial gains/losses under the corridor approach. The revised standard also changed the accounting for certain components of defined benefit obligations. The comparatives for the half-year results have been restated to reflect this revision to the standard and for further details see Note 2 of the interim condensed consolidated financial statements.

Dividends

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

Giacomo Baizini

Chief Financial Officer

EVRAZ plc

REVIEW OF OPERATIONS BY SEGMENT

STEEL

Markets performance in H1 2013

Global crude steel production grew 2.7% during H1 2013 compared to H1 2012, led by an 8.5% increase in Chinese output. However, steel prices remained weak due to excessive capacity in both the Eurozone and China, the perception of softening economic growth in China and a longer term shift to a less resource intensive growth model as well as due to sluggish demand in the Eurozone.

The global steel market is expected to remain challenging during the second half of the year as structural problems continue to dominate the industry, with estimated global capacity utilisation to remain at 75%.

In H1 2013, crude steel output in Russia decreased by 2.9% compared to H1 2012, whereas apparent consumption of finished steel products grew by 4.3%. The construction industry remains the key driver of demand for steel products, demonstrating healthy growth of 13.1%. Long-term growth of steel product consumption in Russia and CIS is expected to be driven by substantial investments in infrastructure and railway modernisation. However, steel prices in Russia were not immune to the general weakness in global markets and followed the decreasing trend in H1 2013.

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US crude steel production in the first half of the year decreased by 6.3% compared to H1 2012, with apparent consumption of finished steel products declining by 2.9%. Additionally, the pricing environment remained challenging with hot rolled coil prices falling by 7.3%, in spite of an increasingly positive US economic outlook, although rebar prices were relatively stable with only a 0.2% decrease over the period.

European crude steel production declined by 5.2% in H1 2013 compared to H1 2012 with apparent consumption of finished steel products declining by 4.4%. On-going macro-economic uncertainty resulted in average rebar and hot rolled coil price decreases of 9.7% and 6.6% respectively. Furthermore, capacity utilisation rates remained below 70%. In spite of this, there are early signs of an improving outlook for H2 2013 on the back of expected increases in public sector spending and the announcement of several significant new construction projects.

South Africa’s apparent steel consumption in the first half of 2013 was in line with the corresponding period of 2012. Pricing in USD remained relatively flat when compared to Q4 2012, but that was mainly a reflection of the Rand weakening by over 9% in Q2 2013 compared to Q4 2012, rather than of underlying demand.

Sales review

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1Includes billets, slabs, pig iron, pipe blanks and other semi-finished products

2Includes rebars, wire rods, wire, beams, channels and angles

3Includes rail, wheels, tyres and other railway products

4Includes commodity plate, specialty plate and other flat-rolled products

5Includes large diameter line pipes, ERW pipes and casing, seamless pipes, casing and tubing, other tubular products

6Includes rounds, grinding balls, mine uprights and strips

7Includes coke and coking products, refractory products, ferroalloys, scrap, energy, services and

Mapochs mine’s iron ore fines

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The Steel segment’s revenues decreased by 8.6% to US$6,416 million in H1 2013 compared to US$7,019 million in H1 2012, which was largely a result of lower steel product prices during the period.

Revenues attributable to sales of semi-finished products decreased due to a decline in export sale prices, despite an increase in sales volumes of Russian semi-finished products following

EVRAZ ZSMK’s rail mill modernisation and ramp up.

Railway products revenues also fell as a result of lower sales volumes during the ramp up of the modernised EVRAZ ZSMK’s rail mill. In spite of lower sales volumes, prices for railway products remained resilient in H1 2013 compared to H1 2012.

Revenue from tubular product sales slightly decreased in H1 2013 as higher volumes, particularly of large diameter line pipes, were unable to offset the fall in prices of tubular products.

Lower prices for construction products, flat-rolled products and other steel products led to a fall in sales revenues, in spite of relatively stable production volumes. Prices of flat rolled products were particularly impacted by continuing economic stagnation in the Eurozone and shrinking spreads in the USA.

Russian sales accounted for 42% of external steel product sales revenues in H1 2013, compared with approximately 41% in H1 2012. The slightly higher share of revenues from steel sales in Russia was attributable to the relatively stable sales volumes to the construction industry and more resilient domestic prices.

Operational update – Steel segment

Steel products: Russia

H1 2013 crude steel output in Russia was broadly flat, compared to H1 2012, at almost 6 million tonnes. However, results varied greatly across different product groups. Production of finished steel products decreased by 8%, although this was fully offset by the 14% output growth of semifinished products. These changes to production levels were caused by the large scale modernisation of the rail mill at EVRAZ ZSMK in 2012, which led to a temporary decrease in production of railway products, and the shutdown of the plate rolling mill at EVRAZ ZSMK in H1 2013.

In general, our Russian steelmaking facilities continued to operate at utilisation rates which were close to full capacity during H1 2013.

The PCI project at EVRAZ NTMK reached full capacity in May 2013 and its implementation allows for coke and natural gas consumption rates per tonne of pig iron to be reduced from 405 kg to 315 kg and from 130 m3/t to 75 m3/t, or by 22% and 42%, respectively, based on the use of 133 kg PCI coal per tonne of pig iron. The savings effect is ca. US$10 per tonne of crude steel.

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During H1 2013, the company also performed a week-long maintenance programme at one of EVRAZ NTMK’s blast furnaces to configure it for a PCI technology upgrade in due course and boost the overall pig iron capacity from 5.1 up to 5.2 million tonnes per annum. During this time, EVRAZ NTMK additionally undertook a series of measures to enhance flexibility and improve productivity at a casting machine.

Works on the PCI project at EVRAZ ZSMK continued in H1 2013, however the project’s development schedule was extended in order to decrease the capital expenditure requirements in the current year.

Additionally during the period, the Company decided to shut down the plate rolling mill at EVRAZ ZSMK, due to the marginal nature of its products in the current market environment.

Railway products: Russia

The key highlight of H1 2013 at EVRAZ’s railway business was the re-commencement of the rail mill at EVRAZ ZSMK in January 2013, following completion of its large scale modernisation programme. Since January the rail mill has been ramping up steadily and is expected to reach its annualised full capacity of 950,000 tonnes by Q2 2014. Following successful lab tests, head hardened rails from the new rail mill were delivered to the Russian Railways for certification. The process of certification is expected to be completed by the end of 2013 and will pave the way for commercial sales of head hardened rails.

The rail mill at EVRAZ NTMK also operated at a high run rate during H1 2013, increasing its deliveries of rails to Russia and CIS region by 4% compared to H1 2012.

Russian Railways continues to be a major customer of rails produced by EVRAZ accounting for 80% of shipments from both rail mills.

In H1 2013, EVRAZ enjoyed solid results at our wheel making business, despite a certain weakness in the railcar industry, due to our long-term contract with Uralvagonzavod, the largest producer of railcars in Russia.

Additionally in March 2013, EVRAZ successfully completed the preliminary qualifications required to become a supplier of railway wheels to Deutsche Bahn. Although a schedule for final testing and approval of the wheels has yet to be determined, this represents an important step towards achieving a strategic goal of entering the European railway market. To this end, EVRAZ and GHH-Valdunes signed an agency agreement in June 2013 relating to the sale and marketing of

EVRAZ’s railway freight wheels in Europe through GHH-Valdunes.

Steel: North America

In H1 2013 crude steel output at the North American operations declined by 9.2% compared to H1 2012 due to maintenance works at EVRAZ Pueblo in Q2 2013, inventory optimisation and several unplanned production outages in Q1 2013. Meanwhile, output of finished steel products increased by 3.6% in H1 2013, driven by growth in flat-rolled and construction products.

The key focus of the flat product group, in the period, was enhancing capacity utilisation. To this end, EVRAZ North America is currently finalising works to increase the rolling speed at EVRAZ Claymont which should improve productivity and provide capacity for higher output levels when the order book is strong. In addition, the Company has been carrying out the scoping works on debottlenecking and capacity expansion projects at the Portland and Regina facilities; however, no final decision on the implementation of these projects has been made.

In tubular products, the company concentrated on productivity rates of the seamless mill at Pueblo, with the first pass yield currently running sustainably at improved levels and reducing conversion costs. The heat treating investment project at the Calgary mill of EVRAZ North America progressed well through H1 2013 and the company placed orders for several key pieces

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of equipment. The premium threading investment is on track to begin delivering additional volumes, at lower costs, during H2 2013.

The key investment project of the long product group in H1 2013 was the modernisation of the rail mill at Pueblo to improve product quality and increase production capacity to 526,000 tonnes per annum. The capacity of the rolling facility was increased by 10% as a result of the rolling automation and enhancements to the reheat furnace. In addition, the Company commenced installation works for new automated nondestructive test equipment, which are expected to be completed by mid-2014.

Steel: Ukraine

In H1 2013 crude steel output of EVRAZ DMZ Petrovskogo increased by 15% compared to H1 2012.

During the period, EVRAZ DMZ Petrovskogo increased its consumption of proprietary coal in its coke production from 49% to 66%, whilst also improving the quality of coke and increasing productivity of its blast furnaces. Additionally, several new product lines (profiles) were designed and produced to meet the requirements of European customers.

Following an optimisation programme and heightened focus on increasing in-house consumption of steelmaking materials, EVRAZ Bagliykoks reached its highest loading of coke oven batteries in the last 5 years, at 97%.

Steel: Europe

Crude steel output at EVRAZ Vitkovice Steel was affected by the planned on-and-off method of production at the facility and resulted in 35.7% decrease compared to H1 2012. The facility’s rolling mill remained operational throughout the period. In July 2013 EVRAZ Vitkovice’s steelmaking shop was idled for annual maintenance and the summer break.

EVRAZ Palini e Bertoli was operating as normal during H1 2013, but had to adjust its output level to reflect subdued market demand, with 192,000 tonnes of plates produced. In July 2013, the Company announced that operations of EVRAZ Palini e Bertoli would be temporarily suspended, until further notice, due to the weak European plate market.

Steel: South Africa

In H1 2013, EVRAZ Highveld Steel and Vanadium was still overcoming the effects of 2012’s industrial action and transportation strike. Additionally, operating results were impacted by management of energy usage in response to growing electricity unit rates applicable during winter peak demand hours.

MINING

Markets performance in H1 2013

Iron ore

The Seaborne iron ore market began 2013 positively, with prices reaching ca.US$160/t China CFR (62% Fe) in late February, driven by short term inventory movements and Chinese steel mills restocking in Q4 2012 and Q1 2013. However, the positive price trend moderated from March 2013 onwards with spot prices falling to a US$130-140/t and continuing to gradually decline into the summer months. China CFR price stood at US$117/t at the end of June 2013, representing a 20% decline year-to-date, although with inventories again running low there is potential for restocking over the coming months.

Over the medium term the key catalysts for iron ore prices will be China’s ability to sustain industrial commodity demand and the rate of capacity increases from major Australian and Brazilian iron ore producers.

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Coking coal

Seaborne spot coking coal prices steadily declined during H1 2013, in the face of both cyclical and structural headwinds. Australia Queensland FOB HCC spot price reached US$138/t at the end of June, representing a year to date decline of 15%.

Coking coal price in the Russian domestic market remained flat in H1 2013, despite downward pressure from global steel markets. However, due to the continuing weak steel industry fundamentals domestic coal prices had declined 12% by the end of July 2013.

Sales review

*External sales of iron ore produced at the Mapochs mine, part of EVRAZ Highveld, are accounted for in the Steel segment

**Includes crushed stone

* External sales of iron ore produced at the Mapochs mine, part of EVRAZ Highveld, are accounted for in the Steel segment

Total mining segment revenues increased by 17.3% to US$1,622 million in H1 2013 compared to US$1,383 million in H1 2012, primarily as a result of additional volumes from the consolidation of Raspadskaya in January 2013, which offset the decrease in iron ore and coking coal prices.

External sales volumes of iron ore products increased by 6.5% in H1 2013 compared to H1 2012 driven by higher volumes from EVRAZ Sukha Balka, while intersegment sales volumes decreased by 6.0% primarily as a result of changes to intersegment product handling and processing procedures. The preparations for closure of the Irba mine at Evrazruda also contributed to lower iron ore volumes being supplied to the Steel segment.

External sales volumes of coal products increased in H1 2013 by 350% due to an additional 2 million tonnes of coking coal concentrate from Raspadskaya and higher sales of steam coal products following the repositioning of longwalls at Kusheyakovskaya and Gramoteinskaya steam coal mines in H1 2012.

In H1 2013, Mining segment sales to the Steel segment amounted to US$1,005 million and 62.0% of sales, compared to US$1,027 million and 74.3% of sales, in H1 2012. The lower share of sales to the Steel segment reflects the additional coal volumes sold to market from Raspadskaya.

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