Nlmk

In 2011 the Group’s revenue grew 40% to $11.7 billion driven by increased sales and a better product mix. At the same time our profitability was not immune to the overall deterioration in the steel market as the European financial crisis hit a new peak in H2 2011, and the Russian segment’s costs grew c.20%. Our EBITDA narrowed by 3% year-on-year and totaled $2.3 billion. EBITDA margin was 19.5%, while net profit increased 8% to $1.4 billion. In H1 2011 the Company paid interim dividends in the amount of $264 million, or c. 30% of the Group’s net profit for the period. In 2011 the Group continued executing its growth strategy. Our annual crude steel output increased to a record 12 m t. Finished rolled steel production increased by 24% to 8.8 m t, including 2.4 m t produced at our international businesses, including the European and North America operations acquired in 2011. In 2011 NLMK invested over $2 billion into new and existing production facilities. We launched a new BF#7 and a new BOF at our Lipetsk s