December 31, 2010, 2009 and 2008
(Amounts expressed in thousands of US dollars)

	Note	December 31, 2010	December 31, 2009	December 31, 2008
Assets
Current assets:
Cash and cash equivalents	13	2,012,662	2,853,376	2,652,888
Short-term bank deposits	14	12,690	95,533	818,545
Short-term financial investments	15	27,463	73,129	112,782
Trade accounts receivable	16	967,837	1,457,651	1,941,876
Accounts receivable from related parties	12	12,359	26,716	63,831
Restricted cash		41,313	-	-
Inventories	17	2,366,924	2,974,227	4,271,886
VAT recoverable		278,594	288,032	361,542
Income tax recoverable		39,578	106,019	172,947
Other current assets	18	298,070	285,453	279,707
Assets held for sale	28	3,509,882	24,415	8,872
Total current assets		9,567,372	8,184,551	10,684,876
Non-current assets:
Long-term financial investments	19	205,232	128,616	70,342
Investments in associates and joint ventures	20	158,564	143,857	110,907
Property, plant and equipment	21	7,351,835	9,485,480	9,827,392
Intangible assets	22	1,799,776	1,369,204	1,510,658
Restricted cash		61,714	17,541	21,703
Deferred tax assets	10	101,406	239,835	246,541
Other non-current assets		82,620	74,802	41,507
Total non-current assets		9,761,147	11,459,335	11,829,050
Total assets		19,328,519	19,643,886	22,513,926
Liabilities and shareholders' equity
Current liabilities:
Trade accounts payable		897,389	1,378,300	1,528,453
Accounts payable to related parties	12	16,717	16,656	71,960
Short-term debt finance	23	1,422,262	1,478,301	2,038,693
Income taxes payable		41,230	34,150	46,131
Other taxes and social security payable		156,078	209,084	213,315
Dividends payable		17,131	5,704	128,715
Other current liabilities	24	531,736	743,230	868,409
Liabilities related to assets held for sale	28	3,272,354	11,979	4
Total current liabilities		6,354,897	3,877,404	4,895,680
Non-current liabilities:
Long- term debt finance	23	4,719,772	5,748,559	6,227,225
Deferred tax liabilities	10	493,280	394,990	496,379
Retirement benefit liabilities	25	164,555	738,328	722,065
Other non-current liabilities	26	276,244	508,266	619,961
Total non-current liabilities		5,653,851	7,390,143	8,065,630
Equity:
Share capital	27	3,311,288	3,311,288	3,311,288
Treasury shares		(26,303)	(26,303)	(26,303)
Additional capital		1,165,530	1,165,530	1,165,530
Foreign exchange differences		(297,219)	(52,478)	84,987
Retained earnings		2,780,190	3,436,270	4,488,396
Other reserves		76,411	43,600	27,601
Total equity attributable to shareholders of OAO Severstal		7,009,897	7,877,907	9,051,499
Non-controlling interests		309,874	498,432	501,117
Total equity		7,319,771	8,376,339	9,552,616
Total equity and liabilities		19,328,519	19,643,886	22,513,926

The accompanying notes form an integral part of these consolidated financial statements.