Investor Presentaiton

Strong Cost Position One of the lowest cost producers worldwide USD . FY2007 slab cash cost on a consolidated basis is USD 221 550 450 Iron ore accounts for 7.2% of consolidated 350 production cost 250 150 • Major cost items: coal, scrap, labour and energy Cash cost by product USA Mini Canada Mexico Brazil W. Europe USD 300 221 197 200 147 133 124 100 282 249 14.5% 7.2% 217 -0.7% 1.0% 4.9% 17 16 19 21 7.8% 0 2007 Q1 2007 Q4 2007 ■Slabs Coke Q1 2008 9.4% Iron ore concentrate O 4.5% Financial Strength > Strong Cost Position 2007 slab cost E.Europe CIS India Australia Japan S.Korea (intg) China Global Av. NLMK Source: World Steel Dynamics Consolidated cash cost, Q1 2008 33.7% 17.8% Iron ore Coke and coal ■Scrap ■Ferrolalloys Other raw materials Electric energy ■Natural gas Other energy sources Other expenses and change in finished and semi-finished balances ■Labour 23

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