Investor Presentaiton

• Global Growth > Global Growth Strategy Global Growth Strategy Improving earnings quality by increasing internal slab re-rolling Long term volatility of slab market is high Slab supply NLMK aims to secure slab supply to rolling facilities in its main markets Slab processing helps to increase earnings and penetrate stable markets 2007 2012E DanSteel A/S Duferco JV Free market¹ 0.6 m t 0.6 m t 0.3 m t 3.6 m t 2.8 m t 2.3 m t Share of sales 30% 19% USD Earnings per tonne³ 500 million t 7.5 ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Slab distribution balance 400 350 300 6.0 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 2.3 3.6 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 4.5+ 215 1.1 185 200 3.0 1.4 1.6 134 2.8 4.3 100 1.5 3.2 3.2 2.2 2.4 0.9 0.0 HDG CRC HRC Slabs 2007 2008E 2009E 2010E 2011E 2012E ■Internal supply ■Free market 1. excluding sales to DanSteel and Duferco JV companies 2. supply to DanSteel and Duferco JV companies 3. FY 2007 results for Lipetsk production site based on Russian Accounting Standards (RAS) management accounts 14

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