ALTERNATIVE PERFORMANCE MEASURES (Amounts expressed in million of US dollars, except as otherwise stated)

1. The Group defines EBITDA as profit from operations plus depreciation and amortisation of productive assets (including the Group’s share in depreciation and amortisation of associates and joint ventures) adjusted for gain/(loss) on disposals of property, plant and equipment and intangible assets and for share in associates’ and joint ventures’ non-operating income/(expenses). EBITDA has limitations as an analytical tool, and investors should not consider it in isolation, or as a substitute for analysis of the Group’s operating results as reported under IFRS.

EBITDA Reconciliation

Free Cash Flow reconciliation

Severstal Russian Steel Division

Summary of Severstal Russian Steel’s selected financial indicators

* All steel products, incl. pipes, etc.; Ex Works price terms

Dynamics of Severstal Russian Steel’s average steel price

Cost of sales structure

Sales by products

Domestic sales by product

Export sales by product

Severstal Resources Division

Summary of Severstal Resource’s selected financial indicators

Cost of sales structure

Sales by products

Domestic sales by products

Export sales by products

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Appendix Contacts