ANNUAL REPORT 2016

Consolidated statements of cash flows

PAO Severstal and subsidiaries

Consolidated statements of cash flows
Years ended 31 December 2016, 2015 and 2014

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

* These amounts include repurchase and redemption of bonds of US$ 372 million for the year ended 31 December 2016, repurchase of bonds of US$ 635 million for the year ended 31 December 2015 and repurchase and redemption of bonds of US$ 1,406 million for the year ended 31 December 2014.

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