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Investor Presentation 1Q 2011 IFRS Results June, 2011 PROPRIETARY & CONFIDENTIAL Disclaimer

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Investor Presentation 1Q 2011 IFRS Results June, 2011 PROPRIETARY & CONFIDENTIAL Disclaimer PROPRIETARY & CONFIDENTIAL Investor Presentation 1Q 2011 IFRS Results June, 2011 PROPRIETARY & CONFIDENTIAL Disclaimer No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein and, accordingly, none of the Company, or any of its shareholders or subsidiaries or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this presentation. This presentation contains certain forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. OAO TMK does not undertake any responsibility to update these forward-looking statements, whether as a result of new information, future events or otherwise. This presentation contains statistics and other data on OAO TMK’s industry, including market share information, that have been derived from both third party sources and from internal sources. Market statistics and industry data are subject to uncertainty and are not necessarily reflective of market conditions. Market statistics and industry data that are derived from third party sources have not been independently verified by OAO TMK. Market statistics and industry data that have been derived in whole or in part from internal sources have not been verified by third party sources and OAO TMK cannot guarantee that a third party would obtain or generate the same results. 1 PROPRIETARY & CONFIDENTIAL Presentation Outline Company Overview 3 Financial Review 7 Russia 15 North America 21 2 PROPRIETARY & CONFIDENTIAL Company Overview 3 PROPRIETARY & CONFIDENTIAL Investment Highlights Global Leading producer of value-added steel pipes for the oil & gas industry market leader 12% global seamless OCTG(1), 14% of the U.S. OCTG market in 2010 Leading position Leading position on the Russian pipe market with a market share of 27% in 2010 in Russia 53% seamless pipe market, 60% seamless OCTG market, 20% LD pipe market in 2010 Favourable Strong steel pipe industry fundamentals driven by robust demand for oil & gas industry dynamics Consolidated industry with significant barriers to entry Demand for seamless OCTG expected to experience significant growth Strategic supplier to Approximately 75% of 2010 shipments went to the oil & gas sector the oil & gas sector Strategic partnerships with Russian oil & gas majors Vertically integrated Structural cost advantages over major international competitors low cost producer Fully vertically integrated seamless pipe production (upstream and downstream operations) in all 3 divisions Growth potential Strategic Investment Programme (2004-14) aimed at 48% capacity increase and deleveraging Ability to efficiently integrate acquired businesses and realise synergies Key performance figures 2007 2008 2009 2010 LTM 1Q 2011 Revenue, US$ mln 4,179 5,690 3,461 5,578 6,007 EBITDA, US$ mln 920 1,047 328 942 1,031 4 Notes: (1) OCTG - Oil Country Tubular Goods Global Operational and Sales Footprint Steel tubular industry leader TMK’s strategic positioning made it the steel tubular industry leader, with nearly 4 million tonnes sold in 2010. Sinarsky Seversky Moscow RosNITI Cologne Calgary Volzhsky Kaztrubprom ZurichResita Tagmet Astana Chicago Camanche Artrom Ambridge Lecco Baku Geneva Brookfield Production & Services Koppel Ashgabat Beijing Catoosa Wilder Blytheville Houston Marketing subsidiaries & Odessa representative offices Baytown Dubai R&D Singapore Capacity (tonnes) North Europe Russia and Total America CIS Steelmaking 450,000 450,000 2,450,000 3,350,000 Seamless pipes 300,000 200,000 2,420,000 2,920,000 Welded pipes 1,150,000 2,200,000 3,350,000 Cape Town Heat Treat 441,000 1,500,000 1,941,000 Threading 741,000* 1,560,000 2,301,000 Note: *Does not include ULTRA Premium connections of 520,000 joints 5 Source: TMK accounts PROPRIETARY & CONFIDENTIAL Global Leader in Cost Efficiency Russia is one of the lowest cost regions for steel products manufacturing 1Q 2011 Cash Cost* per tonne (US$) Low raw material costs** Scrap purchase price (US$/tonne) 350 – TMK 410 – Shredded – FOB Rotterdam 2,577 545 – DRI 1,887 Favourable unit labour cost** Labour cost, US$/month Welded 1,298 768 for TMK Industrial 12% 750 in Russia 4,200 in USA 5,900 in Germany Vallourec Tenaris TMK Low regulated energy prices** Low gas prices** Electricity price, US$/MWh Gas price, US$/’000 m3 80 in Russia 88 in Russia 100 in China 400 in Europe 90 in USA 100 in Germany Source: TMK data * Cash cost per tonne is calculated as (Revenue minus EBITDA) divided by sales volumes ** FY 2010 data 6 PROPRIETARY & CONFIDENTIAL Financial Review 7 Key Consolidated Financial Highlights (US$ mln) (1) 1Q 2011 1Q 2010 Change, % 2010 2009 Change, % Net Sales 1,669 1,240 +35% 5,578 3,461 +61% Adjusted EBITDA(2) 293 204 +44% 942 328 +187% Adjusted EBITDA Margin (%) 18% 16% n/a 17% 10% n/a Net Income (Loss) 104 (1) n/a 104 (324) n/a Net Margin (%) 6% NM n/a 2% NM n/a Pipe Sales ('000 tonnes) 1,060 928 +14% 3,962 2,769 +43% Average Net Sales/Tonne (US$)(3) 1,575 1,336 +18% 1,408 1,250 +13% Adjusted EBITDA per Tonne (US$) 276 220 +25% 238 118 +102% Capex 86 72 +19% 270 412 -34% Total Debt 4,029 3,872 +4% 3,872 3,752 +3% Net Debt 3,853 3,711 +4% 3,711 3,504 +6% Short-term Debt / Total Debt 13% 18% n/a 18% 41% n/a Net Debt / EBITDA LTM 3.7x n/a n/a 3.9x 10.7x n/a EBITDA LTM / Interest Expenses LTM 3.2x n/a n/a 2.7x 0.7x n/a Source: TMK Consolidated IFRS Financial Statements Notes: (1) IFRS financials figures were rounded for the presentation’s purposes. Minor differences with FS may arise due to rounding (2) EBITDA is calculated as profit before tax plus finance costs minus finance income plus depreciation and amortization adjusted for non-operating and non-recurrent items (3) Sales include other operations 8 PROPRIETARY & CONFIDENTIAL 1Q 2011 Sales Volumes by Segment (Thousands of tonnes) Russia Americas Europe 1Q 2011 1Q 2010 Change,% 1Q 2011 1Q 2010 Change,% 1Q 2011 1Q 2010 Change,% Seamless pipe 476 436 +9% 68 64 +7% 46 42 +8% OCTG 231 226 +2% 59 59 0% -4-99% Line Pipe 134 139 -3% 52+131% 710-31% Industrial Pipe 111 71 +57% 42+78% 39 28 +38% Welded pipe 326 263 +24% 144 123 +16% --n/a Welded OCTG Industrial- - n/a 82 85 -4% --n/a Line Pipe 12%48 46 +4% 20 8 +141% --n/a Large Diameter 207 137 +51% --n/a --n/a Industrial welded 71 80 -11% 42 30 +39% --n/a Total Pipes 802 699 +15% 212 187 +13% 46 42 +8% 9 PROPRIETARY & CONFIDENTIAL 1Q 2011 Key Financial Highlights by Segment Russia Americas Europe(1) (US$ mln.) 1Q 2011 1Q 2010 Change,% 1Q 2011 1Q 2010 Change,% 1Q 2011 1Q 2010 Change,% Volumes – Pipes, kt 802 699 +15% 212 187 +13% 46 42 +8% Net Sales 1,241 908 +37% 345 286 +21% 82 46 +78% Gross Profit (Loss) 281 203 +38% 89 78 +14% 22 11 +100% Margin (%) 23% 22% 26% 27% 27% 24% Adjusted EBITDA 204 133 +53% 74 70 +6% 15 2 +650% Margin (%) 16% 15% 21% 24% 18% 4% Average Net Sales / Tonne (US$) 1,547 1,299 +19% 1,627 1,529 +6% 1,783 1,095 +63% Average Gross Profit / 350 290 +21% 420 417 +1% 478 262 +82% Tonne (US$) Average Adjusted EBITDA 254 146 +74% 349 374 -7% 326 48 +579% / Tonne (US$) Notes: (1) Financial results of European Segment include sales of billets to third parties (24 kt in Q1 2011 and 1 kt in Q1 2010) Source: Consolidated IFRS Financial Statements 10 PROPRIETARY & CONFIDENTIAL Working Capital Position 11 Source: Consolidated IFRS Financial Statements Debt Profile TMK continues to optimize its capital structure and develop a flexible, cost-effective debt portfolio As of 31 March 2011, Total Debt accounted for US$4,029 mln 87% of Total Debt is long-term 32% of Total Debt is represented by Eurobonds, convertible bonds and rouble bonds, 68% - bilateral loans and other facilities Weighted average nominal interest rate totalled 7.7%, down 16 b.p. from 31 December 2010. 69% of Total Debt is unsecured Maturity Profile Debt Structure by currency as of 31 March 2011 as of 31 March 2011 (US$ mln) 894 771 500 433 433 425 323 243 Note: TMK management accounts. Figures above are based on Non-IFRS Note: Numbers represent TMK management accounts and differ from IFRS figures for measures, estimates from TMK management the amounts of accrued interest, debt issue cost and finance lease liabilities, and other 12 items not related to the principal amount of debt TMK Cash Flow 1Q 2011 1Q 2010 1Q 2011 LTM Profit (loss) before income tax 157 24 318 Adjustments for: Depreciation and amortisation 81 70 311 Net financial costs 72 106 377 Others (16) 3 25 Working capital changes (124) (157) (494) Cash generated from operations 169 47 537 Income taxes paid (9) (6) (32) Net cash from operating activities 160 41 505 Capex (86) (72) (328) Acquisitions --- Others -241 Net cash used in investing activities (86) (70) (287) Net change in borrowings 17 6 113 Others (80) (103) 15 Net cash used in financing activities (63) (97) (152) Net foreign exchange difference 3 3 (15) Cash and cash equivalents 172 121 172 13 TMK Balance Sheet 31/03/11 31/12/10 ASSETS Cash and bank deposits 172 158 Short-term investments 44 Accounts receivable 910 720 Inventories 1,344 1,208 Prepayments 166 172 Assets classified as held for sale 98 Total current assets 2,605 2,270 Total non-current assets 4,766 4,592 Total assets 7,371 6,862 LIABILITIES AND EQUITY Accounts payable 982 878 Short-term debt 520 702 Dividends -- Other liabilities 105 94 Total current liabilities 1,607 1,674 Long-term debt 3,509 3,170 Deferred tax liability 314 300 Other liabilities 91 80 Total non-current liabilities 3,914 3,550 Equity 1,850 1,637 Including minority interest 119 110 Total liabilities and equity 7,371 6,862 Net Debt 3,853 3,711 Source: Consolidated IFRS FS of the Company presented in mln US dollars (1) IFRS FS figures were rounded for the presentation’s purposes.
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