ANNUAL REPORT 2016

Consolidated income statements

PAO Severstal and subsidiaries

Consolidated income statements
Years ended 31 December 2016, 2015 and 2014

(Amounts expressed in millions of US dollars, except as otherwise stated)

*These amounts reflect adjustments made in connection with the change in classification of packaging expenses between cost of sales and distribution expenses (Note 2).

These consolidated financial statements were approved by the Board of Directors on 1 February 2017.

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