Investor Presentaiton

Outlook Revised steel price forecast for 2008 • • Outlook > Revised steel price forecast for 2008 Current forecast . Favorable market situation with global steel prices stable or increasing compared to 2007 We expect 2008 revenue to grow up to 70% y-o-y EBITDA is expected to exceed the 2007 level by 60% Key market drivers • Commodities cycle on the rise with iron ore and coal prices to grow in 2008 • Slowdown in the growth rate of Chinese steel industry. Removal of export tax rebates by the Chinese government Growing demand in the Russian market supported by strong economic growth, infrastructure boom. No significant plans announced to introduce new rolling capacity in 2008 Price discipline due to high degree of concentration in core markets (EU, US, Russia, Brazil) and ongoing industry consolidation 26

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