Steel:
· Crude steel production 15.9 million tonnes (-5% vs. 2011)
· Total external sales of steel products 15.3 million tonnes (-1%)
· Steel segment revenue US$13,543 million (-8%)
Mining:
· Production of saleable iron ore products 20.8 million tonnes (-2%)
· Raw coking coal production 8.5 million tonnes (+35%)
· Raw steam coal production 2.3 million tonnes (-23%)
Vanadium:
· Primary vanadium production (vanadium in slag) 21,060 tonnes (+2%)
· External vanadium product sales volumes 21,100 tonnes (-21%)
· Vanadium segment revenue US$520 million (-22%)
Investments:
· Capital expenditure of US$1,261 million (vs. US$1,281 million in 2011)
· Rail mill modernisation at EVRAZ ZSMK completed
· PCI project at EVRAZ NTMK completed while construction works on PCI at EVRAZ ZSMK continued
· Capacity and product mix expansion in the North American tubular and rail sectors
· Yerunakovskaya VIII coking coal mine launched in February 2013
M&A developments:
· Acquisition of a controlling interest in Raspadskaya coal mining company in January 2013 for US$964 million, satisfied through equity and cash consideration, bringing effective interest to 82%
· Sale of EvrazTrans for US$306 million cash consideration while securing long-term railway transportation needs of Russian operations
· Executed non-binding term sheet for potential sale of EVRAZ Highveld in March 2013
· Acquired 51% stake in Timir iron ore project from Alrosa in April 2013 for ca. US$160 million
Debt and liquidity:
· Net debt US$ 6,184 million vs. US$6,442 million as at 31 December 2011
· Cash and deposits US$2,064 million
· Placed US$600 million 5-year Eurobonds and US$250 million ECP
· Secured project financing of US$195 million for Mezhegey coking coal project
· Deleted maintenance covenant in the 2015 Eurobond issue. No public debt remains with maintenance covenants
· Agreed amendments to financial covenants in banking debt
Corporate developments:
· Adoption of a new Code of Business Conduct and the Group's anticorruption policies and initiatives to ensure compliance with the UK Bribery Act
· Alexander Izosimov appointed as Independent Non-Executive Director
· Enhanced composition of the Audit and Remuneration Committees towards the goal of best corporate governance practice
· Inclusion in MSCI UK and MSCI World Indices in May 2012
Dividends:
· Interim dividend of 11 cents per share
· The Board has recommended not to pay a final dividend for 2012 due to the deterioration in the market environment, and consequently our performance, in H2 2012
