April 2015

CORPORATE RESULTS
PRESENTATION
2014
 DISCLAIMER
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CORPORATE PRESENTATION
2014 RESULTS
2
CORPORATE PRESENTATION

INDUSTRY
OVERVIEW
 GLOBAL STEEL MARKET
Hot-rolled coil (HRC) and Billet prices
Global steel production grew by 1.0% y-o-y to 1,665MT in 2014 US$ per tonne

South Korea and India were main drivers of this growth. They
increased crude steel production by 5.5Mt and 5.2Mt respectively 700
Chinese crude steel production rose by only 0.7Mt in 2014. Weak 650
growth in China was associated with stagnation of the domestic steel 600
market as a result of a crisis in national real estate sector 550
The strongest growth in relative terms was in Middle East (+7.6% 500
y-o-y) and North America (+1.9% y-o-y)
450
In 2014, average world capacity utilisation (based on monthly values) 400
was 73.3% (-0.9% y-o-y)
350

Oct-13

Oct-14
Mar-13
Apr-13
May-13

Mar-14
Apr-14
May-14
Feb-13

Feb-14
Jan-13

Jun-13
Jul-13
Aug-13
Sep-13

Nov-13
Dec-13
Jan-14

Jun-14
Jul-14
Aug-14
Sep-14

Nov-14
Dec-14
Steel prices decreased, driven by falling y-o-y prices for raw materials
the average annual price of billets (FOB Ukraine) fell by 5.2% y-o-y to
US$479 per tonne and the average annual price of hot-rolled coils HRC Southern Europe EXW HRC China export FOB
(FOB Ukraine) dropped by 4.3% y-o-y to US$511 per tonne HRC Ukraine export FOB Billet Ukraine export FOB
Source: Metal Bulletin

World steel capacity utilisation rate World crude steel production Steel industry1 in Ukraine
million tonnes million tonnes

78%
1,665 33 33
1,649
76% 1,559
27
74%

72%

70%
8 7
6
68%

66%
Oct-13

Oct-14
Mar-13
Jan-13

Apr-13
May-13
Jun-13

Aug-13
Sep-13

Nov-13
Dec-13

Mar-14
Jan-14

Apr-14
May-14
Jun-14

Aug-14
Sep-14

Nov-14
Dec-14
Feb-13

Feb-14
Jul-13

Jul-14

2012 2013 2014 2012 2013 2014

Crude steel production Consumption

Source: World Steel Association Source: Metal Expert
Source: World Steel Association 1) Consumption includes flat, long and certain semi-
finished products but excludes pipes

CORPORATE PRESENTATION
2014 RESULTS
4
 GLOBAL RAW MATERIALS MARKET
Raw materials prices
Global iron ore production grew by 1.6% y-o-y to 2,002MT, US$ per tonne

approximately in line with the dynamic of global crude steel

production. The relatively small growth in the total volume (~30MT)
was a result of a large growth in Australia’s production (~120MT) set 450
off by decreases in other countries, most notably China (~50MT). 400
Global iron ore consumption reached 1,963MT, up 3.7% y-o-y 350
300
Iron ore price dropped by 49.0% during 2014 to US$69 per dry tonne 250
CFR China due to greater supply from Australia, weaker construction 200
demand from China, and lower energy and freight costs of mining 150
companies amid falling crude prices in 4Q14 100
50
Global production of hard coking coal grew by 2.0% y-o-y to 621MT, 0
driven by output rises of 14.4% y-o-y in Australia and 12.7% overall in

Oct-13

Oct-14
Mar-13
Apr-13
May-13

Nov-13
Dec-13

Mar-14
Apr-14
May-14

Nov-14
Dec-14
Feb-13

Feb-14
Jan-13

Jun-13
Jul-13
Aug-13
Sep-13

Jan-14

Jun-14
Jul-14
Aug-14
Sep-14
Mozambique, Mongolia and Columbia. Hard coking coal prices
dropped by 17.2% during 2014 to US$112 per tonne, spot FOB
Iron ore concentrate Fe 62% CFR China
Australia, due to lower demand and greater supplies from Australia
Source: CRU, Metal Expert HCC FOB Australia
Scrap HMS CFR Turkey (import from Europe)

Chinese iron ore import (port) stocks World iron ore (total) World hard coking coal
million tonnes million tonnes million tonnes

120
1,839 1,969 2,002 1,963 609 606 621 616
1,893 595 590
100 1,808

80

60

40

20

0
Mar-11
Jan-11

May-11
Jul-11
Sep-11
Nov-11

Mar-12
Jan-12

May-12
Jul-12
Sep-12
Nov-12

Mar-13
Jan-13

May-13
Jul-13
Sep-13
Nov-13

Mar-14
Jan-14

May-14
Jul-14
Sep-14
Nov-14

2012 2013 2014 2012 2013 2014

Production Consumption Production Consumption

Source: MySteel Source: CRU

CORPORATE PRESENTATION
2014 RESULTS
5
CORPORATE PRESENTATION

HIGHLIGHTS
2014
 2014 SUMMARY

US$ million 2014 2013 Change

Revenues 10,565 12,807 -18%
Adjusted EBITDA1 2,702 2,361 +14%
margin 26% 18% +8 pp
CAPEX 613 747 -18%

US$ million 31 Dec 14 31 Dec 13 Change

Total debt 3,232 4,308 -25%
short-term debt 1,268 1,718 -26%
long-term debt 1,878 2,425 -23%
seller notes 86 165 -48%
Cash 114 783 -85%
Net debt 3,118 3,525 -12%
Total debt to EBITDA2 1.2x 1.8x -0.6x
Net debt to EBITDA2 1.2x 1.5x -0.3x

Production (‘000 t) 2014 2013 Change

Crude steel 9,205 12,391 -26%
Iron ore concentrate 34,888 36,926 -6%
Coking coal concentrate 4,098 5,513 -26%
1) Adjusted EBITDA is calculated as profit before income tax before finance income and costs, depreciation and amortisation, impairment and devaluation of property, plant and equipment, sponsorship and other charity
payments, share of results of associates and other expenses that the management considers non-core plus share in EBITDA of joint ventures. Adjusted EBITDA will be referred to as EBITDA in this presentation.
2) EBITDA for the last 12 months

CORPORATE PRESENTATION
2014 RESULTS
7
 2014 HIGHLIGHTS

Lower revenues of US$10,565M were due to: Revenues by division EBITDA by division
US$ million US$ million
Metallurgical revenues dropping by US$1,562M y-o-y
Mining revenues decreasing by US$680M y-o-y 12,807 2,702
Metallurgical accounted for 77% of revenues and Mining for 23% 24% 10,565
2,361
Total EBITDA grew by 14% y-o-y, mainly driven by: 23% 1,754
hryvnya decline (US$1,670M): down 49% vs US$ over 2014
2,252
reduction in raw material costs (US$879M) 76%
77%
reduction in energy costs, mainly gas prices and volumes (US$239M) 1,123
contribution of JVs’ (Zaporizhstal and Southern GOK) share (US$230M) 274
-165 -175
Significant y-o-y change in divisional EBITDA share1 in 2014: 61% for 2013 2014
2013 2014
Mining (89% in 2013) and 39% for Metallurgical (11% in 2013) Metallurgical Mining HQ & Eliminations
Metallurgical
Cost of sales declined by 21% y-o-y to US$8,240M in 2014 Mining

EBITDA drivers 2014 EBITDA margin by division Cost of sales

US$ million US$ million

10,406
18%
-438 230
8,240
43% 9% 20%
43% 10%
1,670 10% 9%
-1,360 8% 10%
9%
2,702 15% 7%
2,361 267 -25 14% 23%
31%
-882 879 22%
3%
2013 2014
EBITDA Selling Selling Raw Energy Logistics Forex Other JVs' EBITDA 2013 2014
2013 volumes prices materials OpEx share in 2014
EBITDA Metallurgical Mining Raw materials Goods for resale
Natural gas Electricity
1) The contribution is to the gross EBITDA, before adjusting for corporate overheads and eliminations
Depreciation Labour costs
Other costs
CORPORATE PRESENTATION
2014 RESULTS
8
CORPORATE PRESENTATION

OPERATIONAL
REVIEW
 GLOBAL SALES PORTFOLIO
Total sales by region Total sales by product
Sales declined by 18% y-o-y (US$2,242M), mainly due to US$ million US$ million

lower production volumes of crude steel (–26% y-o-y) and iron ore
concentrate (-6% y-o-y) in part due to disruption in the eastern
Ukraine, and due to unfavorable market factors described below 12,807 12,807
4% 5%
15% 10,565 7% 10,565
lower consumption of flat, long and iron ore products in Ukraine
5% 20% 4%
11% 16% 6%
lower sales volumes of steel products in MENA, the CIS and 20%
Southeast Asia 17% 10% 12%
18% 13%
lower iron ore and steel product prices 24%
28% 57%
Domestic sales fell by 32% y-o-y to US$2,496M in 2014 due to lower 57%
29%
flat (-40%), long (-43%) and iron ore (-29%) product sales 24%

Share of export sales increased by 5 pp to 76% in 2014 2013 2014 2013 2014
Breakdown of sales by region changed y-o-y: lower share in Ukraine Ukraine Europe Other products
MENA CIS Coke and coal products
(-5 pp) and higher share in Europe (+4 pp) Iron ore products
Southeast Asia Other regions
Semi-finished products
Proportion of sales in hard currencies (US$, EUR, GBP) increased Note: MENA – Middle East and North Africa
Finished products
CIS – Commonwealth of Independent States, excludes Ukraine

Price dynamics, FCA basis Sales in Ukraine by product Total sales by currency
US$ per tonne US$ million

1,058 1,108 3,679 12,807

985 1,012 1% 8%
19% 8% 10,565
56% 2% 6%
51% 12% 2,496 16% 9%
614 12% 12%
563 556 572 21% 12%
449 482 484 469 11%
18% 14%
363 361 11%
44%
49% 19% 20% 55%
119
60%
92 66 91 16%
21% 18%
IOC Pellets Pig iron Slabs Billets Flat Long LD pipes Rails 2013 2014 2013 2014
products products
Flat products Long products US$ UAH linked to US$
2013 2014
Iron ore concentrate Pellets UAH EUR
Coke products Other products RUB GBP
Note: IOC – iron ore concentrate

CORPORATE PRESENTATION
2014 RESULTS
10
 METALLURGICAL DIVISION FINANCIALS

Metallurgical revenues fell by US$1,562M y-o-y, impacted mainly by Segment financials

lower production volumes of crude steel (–26% y-o-y) due to
disruption in the eastern Ukraine, and due to unfavorable market US$ million 2014 2013 Change
factors described below
Sales (total) 8,246 9,807 -16%
lower sales of long (US$766M) and flat (US$632M) products due to
a drop in sales volumes and prices in Ukraine and Russia Sales (external) 8,165 9,727 -16%

lower sales of slabs to Southeast Asia (US$205M) due to sales % of group total 77% 76% +1pp
volumes, following an overall decrease in slab output of 34% y-o-y
EBITDA1 1,123 274 +310%
Pig iron sales grew by US$138M y-o-y, driven by sales volumes to
% of group total1 39% 11% +28 pp
the US (284KT) and Europe (102KT)
margin 14% 3% +11 pp
Tubular product sales increased by US$156M
CAPEX 276 313 -12%
Top five steel customers accounted for 12% of divisional revenues
Almost 100% of steel sales (by volume) were on the spot market
1) The contribution is to the gross EBITDA, before adjusting for corporate overheads and eliminations
and 65% were concluded directly with end customers

Sales by region Sales by product Sales volumes by product Sales volumes in Ukraine
US$ million US$ million thousand tonnes thousand tonnes

9,727 9,727 14,535 2,351

3% 5% 6% 130
8% 8,165 8,165 3,064 12,613
4% 56%
15% 5% 6% 4% 6% 2,826 1,741
51% 1,746
17% 4% 365
2,563 325 1,040 1,507
22% 13% 14%
1,879 94
23%
53% 662
44%
28% 56% 49%
34% 8,543 7,583
2,281 2,151 1,181
24% 751
19% 15% 16%
2013 2014 2013 2014 2013 2014 2013 2014
Ukraine Europe SF steel products Flat products
Flat products Long products Coke
MENA CIS Long products Pipes and rails
Pipes and rails SF steel products Other steel products
Southeast Asia Other regions Coke products Other products
Coke products Long products
Note: SF steel products - semi finished steel products include pig iron, slabs and square billets Flat products
CORPORATE PRESENTATION
2014 RESULTS
11
 METALLURGICAL DIVISION OPERATIONS

Crude steel production fell by 26% y-o-y (3,186KT) due to Crude steel output by assets Finished vs SF1 products
thousand tonnes thousand tonnes
the restrictions in raw material supplies to operations in Mariupol
and Yenakiieve in 2H 2014, following damage to railway
12,391 11,325
infrastructure during the conflict in the eastern Ukraine
a complete shutdown of Yenakiieve Steel over Aug-Oct 2,304
41% 9,205 8,455
a reallocation of hot metal to produce merchant pig iron 1,688
39%
Decline in output of slabs and billets y-o-y by 34% (517KT) and
13% (99KT) respectively, following a decline in crude steel smelting 36% 9,021
39% 6,767
Flat product volumes fell by 1,215KT y-o-y mainly due to lower 814 1,132
crude steel output at Azovstal and Ilyich Steel in 2H 2014 23% 22%

Long product volumes fell by 827KT y-o-y mainly due to lower crude 2013 2014 2013 2014
steel output at Azovstal and Yenakiieve Steel in 2H 2014 Yenakiieve Steel Azovstal Ilyich Steel Pig iron
Slabs and Billets
Coke2 output fell by 1,315KT y-o-y due to raw material supply Finished steel products
constraints and a halt in operations at Avdiivka Coke in Aug-Sept 1) SF steel products - semi finished steel products include pig iron, slabs and square billets
2) Dry blast furnace coke output

Merchant steel products Output of products by region Coke self-sufficiency

thousand tonnes thousand tonnes thousand tonnes

101% 97%
12,139 12,139
5% 6,028 6,110 Zaporizhia Coke production
14% 1,148
21% 9,587 9,587 4,942 4,795
4% 325 Donetsk Coke production
18% 18% 1,104
203 Avdiivka Coke production
48% 3,312
48% 2,319
86% Azovstal production
82%
7% 12% Coke consumption for hot metal
19% 18% 1,325 1,169

2013 2014 2013 2014 2013 2014

Slabs and billets Pig iron
Flat products Long products Ukraine Europe (UK, Italy, Bulgaria)
Pipes and rails Note: Self-sufficiency is calculated as total coke production divided by total consumption of coke to produce hot metal in
the Metallurgical division

CORPORATE PRESENTATION
2014 RESULTS
12
 MINING DIVISION FINANCIALS

Mining revenues fell by US$680M y-o-y, driven mainly by Segment financials

lower sales of iron ore concentrate amid a drop in price
(US$322M), following Platts 62% Fe iron ore fines CFR China, and US$ million 2014 2013 Change
a fall in volumes (US$40M) in Ukraine and Europe of 922KT
Sales (total) 4,094 5,294 -23%
overall, which were partly redirected to China (up 555KT)
lower sales of pellets amid a drop in price (US$187M), which was Sales (external) 2,400 3,080 -22%
partly compensated by higher sales volumes (US$55M) % of group total 23% 24% -1 pp
redistributed from Ukraine, Europe and MENA (down 1,720KT
overall) to China (up 2,116KT). Sales volumes increased by 396KT EBITDA1 1,754 2,252 -22%
despite a lower production volumes of 621KT in 2014 that was due
% of group total1 61% 89% -28 pp
to restocking in 2013 and destocking in 2014
lower sales volumes (US$47M) and prices (US$56M) of coking margin 43% 43% --
coal concentrate, primarily in the US and Ukraine CAPEX 304 359 -15%
Top five iron ore customers accounted for 53% of divisional sales
1) The contribution is to the gross EBITDA, before adjusting for corporate overheads and eliminations
64% of iron ore sales were concluded under contracts and 77%
directly with end customers
Sales by region Sales by product Sales volumes by product Sales volumes in Ukraine
US$ million US$ million thousand tonnes thousand tonnes

3,080 3,080 21,930 21,961 10,795

8% 6%
10% 2,400
9% 8,834
56%
2,400 7,993 8,390 3,777
6% 4% 51%
7% 2,483
38% 8% 36%
41%
48%
44%
7,018
49%
13,937 13,571 6,351
44% 49%
38% 48% 2,158 1,786 571 532

2013 2014 2013 2014 2013 2014 2013 2014

North America and other regions Other products Coking coal concentrate Coking coal concentrate
Europe Coking coal concentrate Pellets Pellets
Southeast Asia Pellets
Ukraine Iron ore concentrate Iron ore concentrate
Iron ore concentrate

CORPORATE PRESENTATION
2014 RESULTS
13
 MINING DIVISION OPERATIONS

Overall production of iron ore concentrate fell by 2,038KT y-o-y Coking coal production dropped by 1,415KT y-o-y due to
1,580KT at Northern GOK due to the technical condition of facilities fall in output of 149KT at United Coal
at the beneficiation plant and downtime caused by weather in 1Q
decrease in production of 1,266KT at Krasnodon Coal
2014
The drop in output at Krasnodon Coal was attributable to restricted
171KT at Central GOK due to lower Fe content in source ore and
suspension of concentrate production from sand in 1Q 2014 shipments due to the conflict in the eastern Ukraine, lower clean
coal yield caused by greater ash content in mined coal, depleted
288KT at Ingulets GOK due to restricted electricity supplies in reserves at the “50 Years of the USSR” mine and suspended output
December 2014
at two faces of the ‘Molodogvardeiska’ mine due to a fire
Volume of merchant concentrate increased by 1,371KT y-o-y to
Breakdown of coking coal production in 2014 was: 63% at United
14,310KT, driven mainly by lower internal consumption
Coal and 37% at Krasnodon Coal
Volume of merchant pellets fell by 621KT y-o-y to 7,961KT, which
Some 49% of Metinvest’s coking coal needs were covered by own
was attributable to lower overall output of concentrate, lower pellet
production in 2014, compared with 53% in 2013
output at Northern GOK caused by weather in 1Q 2014, and a
decline in pellet output in favour of concentrate due to changes in The fall in self-sufficiency was attributable to a decline in coal
the market situation production y-o-y

Iron ore self-sufficiency Coal self-sufficiency

thousand tonnes thousand tonnes

299% 343% 53% 49%

36,926 34,888 10,367
Ingulets GOK
8,391
15,344 15,056 Central GOK
United Coal production
Northern GOK 5,513
6,582 6,412 Krasnodon Coal production
12,347 4,098
10,180 Consumption for hot metal 2,725
2,576 Consumption for hot metal
15,000 13,420
2,788
1,522
2013 2014 2013 2014

Note: Self-sufficiency is calculated as total iron ore concentrate production divided by total consumption of iron ore Note: Self-sufficiency is calculated as total coal concentrate production divided by total consumption of coal concentrate to
products to produce hot metal in the Metallurgical division produce coke required for production of hot metal in the Metallurgical division

CORPORATE PRESENTATION
2014 RESULTS
14
CORPORATE PRESENTATION

FINANCIAL
REVIEW
 DEBT PROFILE
Debt structure Total debt to EBITDA
Total debt decreased by 25% during 2014 due to significant debt US$ million

repayments in 2014, which reduced Metinvest’s cash position to

US$114M as at 31 December 2014
4,308 Max 3.0x
Metinvest was unable, like other Ukrainian entities, to obtain funding 3,865
from the capital market in 2014 due to the conflict in Ukraine
42% 3,232 1.2x
1.6x 1.8x
Metinvest’s re-profiled its debt by exchanging a 77.3% of 2015 48%
notes for the new notes fully maturing in 2017 and renegotiated to 42%
shift the repayments of US$90M of seller notes from 2015 to 2016,
thus decreasing further its debt repayments in 2015 and supported 58% 1.8x
52% 58% 1.4x 1.2x
cash flow
Total debt to EBITDA further improved from 1.8x as of 31 Dec 2013
to 1.2x as of 31 Dec 2014, driven by a rise in EBITDA and the 31 Dec 13 30 Jun 14 31 Dec 14 31 Dec 13 30 Jun 14 31 Dec 14
decrease in total debt Long-term debt Short-term debt Total debt to EBITDA Headroom

Share of short-term debt decreased to 42% at the end of 2014

Debt by currency Debt by instrument Maturity schedule of principal debt1,2

US$ million

1,525
3% 4% 3% 4% 90 -> seller notes
12% 11% 97 -> partial redemption of notes 15’
21% 3% 3%
12% 13%
484 ->net repayments of trade finance
832 547 604 832
29% 33% 36%
97% 96% 97%

854 ->PXFs
46% 41% 40% 504 487
328 329 218
114 117
31 Dec 13 30 Jun 14 31 Dec 14 31 Dec 13 30 Jun 14 31 Dec 14 Repaid in Cash 1H 15 2H 15 1H 16 2H 16 1H 17 2H 17 2018 and
1 2014 01/01/15 after
US$ EUR Non-bank borrowings Seller notes
Trade finance Bonds
1) Principal instalments are not discounted and include bank loans, bonds and seller notes but exclude trade finance
Bank loans 2) Maturity schedule is adjusted for a postponed repayments of seller notes from 2015 to 2016 that was nego .

CORPORATE PRESENTATION
2014 RESULTS
16
CORPORATE PRESENTATION

CAPITAL
EXPENDITURE
 CAPITAL EXPENDITURE
CAPEX by division CAPEX by purpose
Maintaining a prudent and flexible approach to investments US$ million US$ million

In 2014, CAPEX declined by 18% (US$134M) to US$613M

Metallurgical division reduced CAPEX by 12% (US$37M) to US$276M 747 747
10%
Mining division reduced CAPEX by 15% (US$55M) to US$304M 613 20% 613
5%
Corporate overheads reduced CAPEX by 56% (US$42M) to US$33M 29%
48%
Lower CAPEX was caused by: 50%

some assets being located in the conflict zone: Yenakiieve Steel, 80%
Avdiivka Coke, Krasnodon Coal and Khartsyzk Pipe 71%
42% 45%
restricted financing due to weak liquidity position
Metallurgical division accounted for 45% of CAPEX (2013: 42%) and 2013 2014 2013 2014
Mining for 50% (2013: 48%)
Corporate overheads Maintenance Expansion
The share of maintenance CAPEX decreased by 9 pp y-o-y to 71%, Mining
while strategic CAPEX increased to 29% in 2014 Metallurgical

CAPEX by major asset 2013 CAPEX by major asset 2014

US$ million US$ million

114
98 101 95 99 95 91
75 82
69 68 69
53 47 48
31 23 25 8 33
20 16
Northern Ingulets Central United Krasnodon Azovstal Ilyich SteelYenakiieve Avdiivka Other Corporate Northern Ingulets Central United Krasnodon Azovstal Ilyich SteelYenakiieve Avdiivka Other Corporate
GOK GOK GOK Coal Coal Steel Coke plants O/Hs GOK GOK GOK Coal Coal Steel Coke plants O/Hs

CORPORATE PRESENTATION
2014 RESULTS
18
 KEY STRATEGIC CAPEX PROJECTS

No PROJECT ASSET DESCRIPTION

Construction and operation of the unit by a third party, while Metinvest will provide the accompanying
Building infrastructure for the new air Yenakiieve
1 infrastructure, thus reducing the amount of up-front investment required for the project. The ASU is expected to
separation unit (ASU) Steel
produce around 1,400 tonnes of oxygen, nitrogen and argon per day for steel production.

Construction of a standby turbo air

Yenakiieve
2 blower (TAB) for blast furnaces (BFs) Blowing capacity reserve for planned and emergency repairs of the basic TAB
Steel
nos. 3 and 5
Construction of pulverised coal injection Yenakiieve
3 Eliminate the need for natural gas in the production process and use coke more efficiently.
(PCI) unit Steel
Major overhaul of basic oxygen furnace
Yenakiieve Realisation of production plan and compliance with the government requirements concerning air pollution and
4 (BOF) no. 1 including shell and off-gas
Steel rules of technical operation of gas cleaning units.
ducts replacement

Minimise dependence of production process on volumes, quality and price of third-party sinter. Provide BF shop
Yenakiieve
5 New sinter plant construction with 4.3 mtpa of sinter, at the same time improving its quality to that of the world’s best manufacturers. Reduce
Steel
pollutant emissions to the levels expected in future environmental legislation.

6 Major overhaul of BF no. 4 Azovstal Increase in capacity to 1.5 mtpa

7 TAB no. 3 replacement Azovstal Increase blowing parameters, which will raise BF productivity and decrease coke consumption

8 Construction of PCI unit Azovstal Eliminate the need for natural gas in the production process and use coke more efficiently.

9 Sinter plant reconstruction Ilyich Steel Comply with environmental requirements

Transportation system used to move bulk materials from mine shafts to the surface for further processing. It will
Construction of crusher and conveyor
10 Northern GOK enable the capacity and production volumes to be maintained at current levels and reduce the cost of iron ore
system (CCS) at the Pervomaisky quarry
production and transportation.
Restoration of Lurgi 278-B roasting
12 Northern GOK Reduce the cost of pellet production
machine

13 Construction of CCS Ingulets GOK Reduce operational and capital expenditures of the iron ore mining and maintain production volumes

Note: FEL (front-end loading, also referred to as pre-project planning or feasibility analysis) is the process for conceptual development of the project

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CORPORATE PRESENTATION

APPENDICES
 METINVEST IN BRIEF

Smart System Capital Clarendale

23.76% 71.24% 5.00%
Holding Management Limited

94,000 EMPLOYEES

Multinational group with operations in Ukraine, Italy, Bulgaria, the UK and the US
Vertically integrated business model: from iron ore and coal to finished steel products
Substantial resource base provides long-term security for steelmaking operations
Global distribution network with easy access to both mature and emerging markets
Improving health and safety and investing in mitigating our environmental footprint

MINING METALLURGICAL
DIVISION DIVISION
Top 10 iron ore producer in the world Top 30 steel producer in the world
Top 20 globally in terms of total reserves and resources A leading steelmaker in the CIS
Long-life iron ore resources of 7,062MT, including 1,497MT of proven and Annual steelmaking capacity of 15MT4
probable iron ore reserves,1 in Ukraine Around 80% share of finished steel goods in the product mix
More than fully self-sufficient in iron ore concentrate and pellets Sales outside Ukraine account for 81% of revenues
Captive long-life coal reserves of 465MT2 in Ukraine and 137MT2 in the US
Coking coal production currently covers almost 50%3 of internal needs

1) According to JORC methodologies, as at 1 January 2010. Ore reserves refer to the economically mineable part of mineral resources.
2) As at 30 June 2014 (unaudited)
3) Self-sufficiency is calculated as total coal concentrate production divided by total consumption of coal concentrate to produce coke required for production of hot metal in the Metallurgical division
4) Metinvest’s annual steel capacity, excluding capacity of Zaporizhstal

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GLOBAL PRESENCE

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22
 EXECUTIVE MANAGEMENT

Yuriy Ryzhenkov

Chief Executive Officer

Chief Executive Officer (2013– )
Chief Operating Officer at DTEK (2010–2013)
Chief Financial Officer at DTEK (2007–2010)
Manager of Economic Analysis and Informatics at Mini
Steel Mill ISTIL (2002–2007)
MBA from London Business School

Alexander Pogozhev Mykola Ischenko Aleksey Kutepov

Metallurgical Division Director Mining Division Director Chief Financial Officer

Metallurgical Division Director (2011– ) Mining Division Director (2011– ) Chief Financial Officer (2013– )
Director of Steel and Rolled Products division (2010– Director of Iron Ore division (2010–2011) Economics and Finance Director of the Crude Hydro-
2011) General Director at Ingulets GOK (2009–2010) carbons Directorate at Sibur Holding (2011–2013)
COO of Severstal International (2008–2010) Deputy Director of Iron Ore division (2007–2009) CFO at SiburTyumenGaz (2009–2011)
Executive positions at Severstal (1991–2008) General Director at Kryvbassvzryvprom (2000–2007) CFO at Tobolsk-Polymer (2007–2009)
MBA from Northumbria University PhD in Economics Applied Mathematics and Economic Theory

Nataliya Strelkova Svetlana Romanova Olga Ovchinnikova

Human Resources and Social Policy Director Chief Legal Officer Logistics and Purchasing Director
HR Director and Social Policy (2010– ) Chief Legal Officer (2012– ) Logistics and Purchasing Director (2013– )
HR Director at MTS (2006–2010) Partner at Baker and McKenzie (2008–2012) Logistics Director of the Supply Chain Management
HR Policy Director at MTS (2004–2006) Lawyer at Baker and McKenzie (2000–2008) Directorate (2012–2013)
Senior HR Specialist at YuKOS (2001–2004) Lawyer at Cargill (1998–2000) Logistics Manager, Severstal-Resource (2006–2011)
HR Director at the ESN Group (1997–2001) LLM from The University of Iowa College of Law Logistics and Supply Chain Management
MBA from IMD (Lausanne)

Ruslan Rudnitsky Dmytro Nikolayenko Aleksey Komlyk

Sales Director PR and Regional Development Director

Chief Strategy Officer
Sales Director (2011– ) PR and Regional Development Director (2013– )
Chief Strategy Officer (2010– )
Sales Director of Steel and Rolled Products division Managing PR Director, AFK Sistema (2011-2013)
Head of Strategy and Investments of Iron Ore
(2010–2011) Managing Partner, Mosso (2008–2011)
division (2006–2010)
General Director at Metinvest-SMC (2007-2010) Vice President of PR, Uralkali (2006–2008)
Industry Group Manager at SCM (2003–2006)
General Director at SM Leman (2003-2007) Head of Media Relations Office, Uralkali (2003–2006)
Auditor at PwC (2001–2003)
MBA from IMI (Kyiv) Foreign languages
MIIM from Kyiv National University of Economics

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PROGRESS IN ACHIEVING OUR GOALS

Completed an offer to exchange outstanding 2015 guaranteed notes totalling

2012-14 US$386M for new notes fully maturing in November 2017
SCM and Smart Holding completed the merger of their metals and mining assets under Metinvest
B.V.
Maintaining regional
Received another US$260M as an extension to a US$300M three-year PXF arranged at origination leadership
Secured a US$300 million five-year pre-export finance facility
Secured two three-year syndicated PXF facilities of US$300M and US$325M
Secured a debut €25M ten-year ECA facility
Fully repaid a US$1.5B five-year global refinance facility arranged in 2007
Fully repaid ahead of schedule a €410M seven-year senior facilities arranged in 2008
Acquired 49.9% in Zaporizhstal Iron and Steel Works (Ukraine)
Decommissioned three obsolete coke batteries and mothballed the sinter plant at Azovstal to reduce
environmental emissions in Mariupol (Ukraine)

Launched blast furnace no. 3 at Yenakiieve Steel

2008-11 Secured a US$1.0B five-year syndicated pre-export finance facility
Issued a US$750M seven-year Eurobond with a coupon of 8.75% Focusing on
Acquired 99.1% in Ilyich Iron and Steel Works (Ukraine) and changed the shareholder structure vertical integration
Secured a US$700M three-year syndicated pre-export finance facility
Debuted on the Eurobond market with a US$500M five-year issue
Acquired 100% in United Coal Company (US)
Acquired 100% in Trametal (Italy) and its subsidiary Spartan UK (UK)

Acquired 82.5% in Ingulets Iron Ore Enrichment Plant (Ukraine)

2006-07 Start of the merger of SCM and Smart Holding metals and mining assets under Metinvest B.V. and
Consolidation of
changed the shareholder structure
Secured a US$1.5B five-year global refinance facility industrial base
Secured a debut US$400M five-year syndicated pre-export finance facility in Ukraine
Metinvest established to provide strategic management for the steel and mining businesses of System
Capital Management (SCM)

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 CORPORATE SOCIAL RESPONSIBILITY

Health and Safety Environment Community

Meet the highest standards of health and Reduce our environmental footprint Work in partnership with the communities
safety, and ensure the safety of Introduce more efficient energy-saving where we operate to achieve long-term
employees in all aspects of their work technology improvements in social conditions
Goals Create a safety-driven culture throughout Maintain close dialogue with local
Meet European standards in this area
the Group and ensure that employees Respond rapidly to any critical issues stakeholders
take responsibility for themselves and
their colleagues

Launch pilot project “Healthy Heart” aimed Continually examine and enhance Implement social partnership programmes
at lifestyle change among employees environmental standards within the with local authorities
Reinforce gas safety programme to eliminate framework of our Technological Strategy Empower local communities
incidents of CO poisoning Require all newly built and reconstructed Foster the development of green and
Initiatives Introduce confined space entry standard to assets to meet EU environmental ecological initiatives
reduce risks related to spaces with limited standards Enhance sustainable development of the
access Regularly review the environmental regions
Continue risk assessment programme action plan to target efforts more Support communities affected by the
covering all production processes and effectively military actions
investment projects using HAZID1, HAZOP2
and ENVID3

In 2014, spent over US$80M on More than US$268M was spent on Invested around US$10M in social
workplace safety and protection environmental safety in 2014 (including projects, including US$2M for city
Provided extensive HSE training for over both capital and operational infrastructure damaged during the conflict
6,100 managers and supervisors environmental improvements) in the eastern Ukraine
Results Conducted 238,856 audits and identified All core environmental projects were Implemented over 100 community projects
297,993 safety issues, which were completed and global best practices were in 10 cities under the “We Improve the
addressed swiftly achieved City” programme, spending around
Conducted 49 HAZIDs at subsidiaries and Under the “Mariupol Environmental US$0.5M
developed 1,777 recommendations to Protection and Recovery Programme for Around 1,500 activists have participated in
reduce risks to an acceptable level 2012-20”, all measures scheduled for 500 environmental events of “Metinvest’s
2014 at Azovstal and Ilyich Steel were Green Centre” project
implemented on time
1) HAZID study is a tool for hazard identification, used early in a project as soon as process flow diagrams, draft heat and mass balances, and plot layouts are available
2) HAZOP (hazard and operability study) is a structured and systematic examination of a planned or existing process or operation in order to identify and evaluate problems
that may represent risks to personnel or equipment, or prevent efficient operation
3) Environmental (Hazard) Identification is conducted like HAZID, but with the aim of identifying environmental issues

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INVESTOR RELATIONS CONTACTS

ANDRIY BONDARENKO
+41 22 591 03 74
ir@metinvestholding.com
THANK YOU
www.metinvestholding.com