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Contents Efficiency Leadership Understanding Nlmk ABOUT US NLMK CONTENTS EFFICIENCY LEADERSHIP UNDERSTANDING NLMK . 2 Report 2014 KEY PERFORMANCE TRENDS . 10 OUR MILESTONES . 16 STRATEGY . 20 STRATEGY IN ACTION . 24 OUR BUSINESS MODEL . 30 INTEGRATED PRODUCTION SYSTEM . 38 WHERE WE OPERATE. 42 PRODUCTS AND USES . 46 RESEARCH, DEVELOPMENT AND INNOVATION . 52 FIVE-YEAR HIGHLIGHTS .. 59 CONTACTS . 60 1 ABOUT US / REPORT 2014 1. UNDERSTANDING NLMK NLMK Group is a leading international manufacturer of high- quality steel products with a vertically integrated business model. Mining and steelmaking are concentrated in cost-efficient regions; finished products are manufactured close to our main consumers in Russia, North America, and the EU. 2 3 UNDERSTANDING NLMK ABOUT US / REPORT 2014 Thanks to our self-sufficiency in key raw materials Having completed the investment phase of its Significant operational gains and conservative and energy, coupled with the technological development, NLMK Group turned its focus to investments have enabled a substantial superiority of our production capacity, NLMK is one increasing the efficiency of its business processes, strengthening of the Company’s financial standing, of the most efficient and profitable steelmakers developing its resource base, strengthening its as well as supporting deleveraging and providing in the world . NLMK has a diversified product mix, positions in strategic markets and enhancing for increased flexibility on dividends . ensuring our leading position in local markets production safety . Structural savings of more and our sales effectiveness . By leveraging our than $500 million in 2013–2014, generated by advantages – our flexible production chain, operational efficiency programmes have increased balanced product mix, efficient sales system, and business profitability . bn widespread customer base – we are able to react $1 .7 quickly to changing market conditions . In 2014, NLMK demonstrated consistent improvement in operational and financial operating cash flow performance, despite instability in sales markets . (+46% y-o-y) OPERATIONAL AND FINANCIAL PERFORMANCE $0 .6 bn investment (–26% y-o-y) 15 .9mt 96% 15 .1mt steel production steelmaking capacity sales volumes bn utilization $1 .2 (+3% y-o-y) (+2% y-o-y) (+1 p.p. y-o-y) free cash flow (+174% y-o-y) $10 .4 bn $288 m* $2 .4 bn $1 .6 bn net debt sales revenue effect of operational EBITDA efficiency programme over (–41% y-o-y) (–5% y-o-y) the 2013 level (+58% y-o-y) 0 .67 23% net debt/EBITDA (1.80 in 2013) EBITDA margin * Including NLMK Belgium Holdings assets (+9 p.p.) $226 m dividend payments during 2014 (+99% y-o-y) 4 5 UNDERSTANDING NLMK ABOUT US / REPORT 2014 EFFICIENT VERTICAL INTEGRATION WIDELY DIVERSIFIED PRODUCTION MODEL, PRODUCT MIX, OF RAW MATERIAL AND ENERGY AND SALES MARKETS RESOURCES 100% 80% / 20% 25% BOF/EAF production routes of rolling capacity in Europe* self-sufficiency in iron ore concentrate Sales to over 100% 70 43% 18% self-sufficiency in coke countries worldwide sales to the domestic of rolling capacity market (in tonnes) in the US PRODUCT MIX EXPANSION 80% AND SECURE MARKET POSITIONS self-sufficiency in scrap 21% 20% 24% 54% share of Russian steel share of the Russian share of the Russian production rebar market CRC market self-sufficiency in energy* $283 17% 21% c .18% share of the Russian share of the Russian share of the global slab cash cost * HDG market pre-painted steel market slab market >100 * Data for NLMK’s main production site in Lipetsk new grades of steel in * Including NLMK Belgium Holdings assets 2000–2014 (long and flat products) 6 7 UNDERSTANDING NLMK ABOUT US / REPORT 2014 NLMK is actively investing in environmental NLMK TICKER CODES projects, reducing the environmental REUTERS footprint in the regions where it operates BLOOMBERG as it strives to comply with the most demanding environmental standards . NLMK Group ensures safe working conditions through process improvement NLMKq .L NLMK LI measures, investment in training of personnel and applying best global (LSE) (LSE) occupational health and safety practices . NLMK .RTS NLMK RU (RTS) (RTS) 60,100 employees; 71% attended professional training sessions in 2014 NLMK .MM NLMK RM (MICEX) (MICEX) m $141 INDICES environmental investment INDICES THAT INCLUDE NLMK SHARES (+5% y-o-y) RTS-MICEX RTS-MICEX Metals and Mining Sector 20 .3 kg/t Moscow Exchange Moscow Exchange specific atmospheric emissions (–7% y-o-y) CREDIT RATINGS* LTIFR 0 .55 BB+ Ba1 BBB- on Russian assets of NLMK Group (–0,28 p.) Standard and Poor’s Moody’s Fitch * Credit ratings as of April, 2015 8 9 ABOUT US / REPORT 2014 2. KEY PERFORMANCE TRENDS NLMK Group improved key performance indicators in 2014 on the back of highly efficient vertical integration, a balanced business model, a flexible system of sales and operational efficiency improvement programmes. NLMK successfully achieved the sustainable development goals it set to ensure long-term leadership in the sector by relying on and further developing competitive advantages, focusing on improving efficiency across the board, and by recognizing the responsibility it has both to its own personnel and to society as a whole. 10 11 KEY PERFORMANCE TRENDS ABOUT US / REPORT 2014 GROWTH OF OPERATIONAL GROWTH OF FINANCIAL PERFORMANCE INDICATORS PERFORMANCE INDICATORS ▪ Increase in steel output on the back of NLMK Kaluga ramp-up AND DELEVERAGING ▪ Higher capacity utilization ▪ Structural increase of business profitability ▪ Lower cash cost on the back of operational efficiency ▪ Growth of free cash flow programmes ▪ Sufficient deleveraging STEEL PRODUCTION STEELMAKING CAPACITY EBITDA PER TONNE OF SALES EBITDA MARGIN UTILIZATION RATE mt $/t 15.9 15.4 97% 28% 14.9 198 176 23% 11.5 12.0 158 96% 19% 95% 95% 125 16% 101 14% 94% 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 SALES VOLUMES SLAB CASH COST FREE CASH FLOW TO FIRM NET DEBT / EBITDA mt $/t $ bn 15.2 14.8 15.1 1.2 1.9x 396 388 1.8x 12.8 348 11.7 318 1.5x 283 0.4 0.4 0.6x 0.7x 176 0.0 –0.2 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 12 13 KEY PERFORMANCE TRENDS ABOUT US / REPORT 2014 EFFICIENCY ENHANCEMENT AND STABLE BUSINESS DEVELOPMENT ▪ Higher labour productivity due to increased production efficiency ▪ Reduced energy intensity of production as a result of initiatives to enhance energy efficiency ▪ Lower specific atmospheric emissions due to the implementation of modern technologies and environmental initiatives ▪ Significant improvement in safety performance through the use of the best occupational health and safety practices, efficient risk management and active employee involvement in corporate safety programmes LABOUR PRODUCTIVITY SPECIFIC ENERGY INTENSITY t/person Gcal/t 268 6.12 6.10 239 249 195 198 5.74 5.72 5.67 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 SPECIFIC AIR EMISSIONS LTIFR AT RUSSIAN ASSETS OF NLMK kg/t 0.88 0.85 0.86 28.5 27.9 0.67 22.6 21.9 20.3 0.55 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 14 15 ABOUT US / REPORT 2014 3. OUR MILESTONES Our Company, Russia’s leading manufacturer of steel, is recognized as one of the world’s most competitive steelmakers. Since its inception, NLMK has made innovation and development its key strategy. In order to achieve maximum levels of production efficiency for its high-quality steels, NLMK has controlled and optimized the use of its major resources, focused on innovation, and stressed the need for high levels of safety and corporate social responsibility with regard to both its employees and the areas in which it operates. 16 17 OUR MILESTONES ABOUT US / REPORT 2014 COMPANY FOUNDED 80 YEAR The first blast furnace produces anniversary 1934 the first tonne of pig iron 2014 15.9 15.4 14.9 NLMK GROUP STEEL OUTPUT (MT) 12.0 11.5 10.5 8.9 9.1 9.1 9.2 8.5 7.2 7.4 7.5 1992 1997 1999 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 1941–1950 2000–2003 2007 2011 2012 2013 Second World War Active equipment upgrades Development of the long products Expansion of operations Consolidation of leadership Launch of NLMK Kaluga and post-war restoration at the Lipetsk site division NLMK commissions a new steelmaking With a 20% share of the market, NLMK mini-mill Evacuation of equipment during the war Energy, coke and chemical, and NLMK/Duferco joint venture acquires complex: the 3.4 mt Blast Furnace No. 7 becomes Russia’s leading steelmaker, NLMK Group launches a large-scale steelmaking capacities are actively Sharon Coating (formerly Winner Steel), and a new basic oxygen furnace expanding its steelmaking capacity Restoration of production in the post- programme to enhance efficiency at all upgraded at the Lipetsk site an American rolled steel manufacturer in a low-cost region of its sites war period ▪ NLMK’s low-cost production base in ▪ Production increases to 8 .9 mt; ▪ Further product and geographic Russia expands by a third NLMK continues to upgrade its NLMK launches a next-generation EAF energy self-sufficiency rises to 40% diversification steelmaking capacity at the Lipetsk site 1950–1991 ▪ Stable supply of slabs to NLMK’s mill, NLMK Kaluga NLMK acquires 50% plus one share in international rolling assets secured ▪ Secondary treatment facilities allow ▪ Increased long product production Development of steel production Maxi-Group the Company to produce specialized 2004–2006 NLMK acquires Steel Invest and Finance in an undersupplied region prompted by innovations grades of steel that are in high Diversification into long products and rolling assets,
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