EVRAZ Q4 2021 TRADING UPDATE

31 January 2022 — EVRAZ plc (LSE: EVR; “EVRAZ” or the “Group”) today released its trading
update for the fourth quarter and full year of 2021.

Q4 2021 vs Q3 2021 HIGHLIGHTS

 In Q4 2021, EVRAZ’ consolidated crude steel output fell by 0.6% QoQ, mainly because of
maintenance outages in November in North America.
 Total sales of steel products increased by 7.0% QoQ. Sales of construction products were
buoyed by market demand in the period, while sales of railway products were higher following
the completion of capital repairs at EVRAZ ZSMK’s rail and beam shop and EVRAZ NTMK’s
wheel shop.
 Total raw coking coal production surged by 34.4% QoQ, mainly because of the completion of
longwall moves at the Raspadskaya, Osinnikovskaya and Yerunakovskaya-VIII mines.
 Coking coal concentrate production grew by 11.2% QoQ amid greater coal mining volumes.
 External sales volumes of coking coal products rose by 4.0% QoQ, as an increase in coal mining
volumes allowed for greater coking coal concentrate sales volumes amid favourable market
conditions.
 Output of iron ore products climbed by 7.0% QoQ, driven by higher production volumes of pellets
at EVRAZ KGOK and higher production of saleable concentrate at EVRAZ ZSMK following the
completion of capital repairs.
 External sales of iron ore products jumped by 58.1% QoQ following the start of sales to China
through the port of Ust-Luga.
 Sales of vanadium products surged by 33.0% QoQ, primarily due to higher demand in Europe
and North America.

FY2021 vs FY2020 HIGHLIGHTS

 The Group’s consolidated crude steel production edged down by 0.4% YoY, as crude steel
production volumes fell after Russia introduced an export duty (effective until the end of 2021),
which led to lower margins from pig iron production at EVRAZ ZSMK.
 Total sales of steel products dropped by 4.5% YoY. This was partly because of the impact that
the export duty introduced in Russia in 2021 had on the output of semi-finished products for
export, and partly because of a high-base effect following the fulfilment of a contract with the
key customer in 2020 in North America.
 Production of raw coking coal grew by 12.7% YoY. The main driver of the increase was the
resumption of work at Razrez Raspadsky, which had halted operations from May to September
2020 amid poor market conditions. Another contributor was the transfer of operations at
Esaulskaya to the new longwall no. 29.
 Coking coal concentrate production grew by 2.8% YoY following the increase in coal mining
volumes.

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  External sales volumes of coking coal products fell by 14.0% YoY amid lower raw coking coal
sales following the change in the product mix in favour of coking coal concentrate to meet
customer needs.
 Output of iron ore products rose by 1.4% YoY, partly driven by higher production volumes of
sinter in connection with the implementation of new initiatives in the efficiency improvement
programme for 2021, and partly by a low-base effect following capital repairs performed in 2020
at EVRAZ KGOK’s sinter machine no. 1.
 External iron ore product sales fell by 17.4% YoY as a result of concentrate shortage in Q1
2021, an increase in EVRAZ NTMK’s demand for pig iron in 2021.
 Sales of vanadium products rose by 5.7% YoY due to overall stronger demand in 2021, caused
by the recovery of key steel consuming sectors globally.

Q4 2021/ 12m 2021/

Q4 Q3 12m 12m
Product, ‘000 tonnes Q3 2021, 12m 2020,
2021 2021 2021 2020
change change
Total crude steel production 3,384 3,403 -0.6% 13,569 13,630 -0.4%
Russia 2,904 2,912 -0.3% 11,690 12,050 -3.0%
North America 480 491 -2.2% 1,879 1,580 18.9%
Total raw coking coal mined 6,699 4,983 34.4% 23,272 20,653 12.7%
Total coking coal concentrate 4,166 3,746 11.2% 15,962 15,528 2.8%
production
Iron ore products production 3,751 3,504 7.0% 14,399 14,205 1.4%
Total sales of steel products1 3,188 2,979 7.0% 12,469 13,062 -4.5%
Semi-finished products 1,357 1,338 1.4% 5,541 6,183 -10.4%
Finished products 1.831 1,641 11.6% 6,928 6,879 0.7%
Total sales of third-party steel 210 213 -1.4% 774 848 -8.7%
products
Sales of coking coal products 2,561 2,462 4.0% 10,608 12,336 -14.0%
Sales of iron ore products 479 303 58.1% 1,430 1,732 -17.4%
Sales of vanadium in slag2 2,460 1,834 34.1% 7,053 6,129 15.1%
Sales of vanadium final products2 3,809 2,864 33.0% 13,288 12,567* 5.7%
Note. Numbers in this table and the tables below may not add up to totals due to rounding.
1
Includes tonnes of pig iron
2
In tonnes of pure vanadium
* The 2020 data has been adjusted

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STEEL SEGMENT

Total production volumes

Q4 2021/ 12m 2021/

Q4 Q3 12m 12m
Product, ‘000 tonnes Q3 2021, 12m 2020,
2021 2021 2021 2020
change change
Pig iron production 2,701 2,716 -0.6% 10,819 11,157 -3.0%
EVRAZ ZSMK 1,429 1,445 -1.1% 5,733 6,208 -7.7%
EVRAZ NTMK 1,272 1,271 0.1% 5,086 4,949 2.8%
Crude steel production 2,904 2,912 -0.3% 11,690 12,050 -3.0%
EVRAZ ZSMK 1,817 1,824 -0.4% 7,272 7,671 -5.2%
EVRAZ NTMK 1,087 1,088 -0.1% 4,418 4,379 0.9%
Total steel products production, 2,693 2,721 -1.0% 10,763 11,082 -2.9%
net of re-rolled volume
EVRAZ ZSMK 1,571 1,643 -4.4% 6,321 6,766 -6.6%
EVRAZ NTMK 1,010 985 2.5% 4,049 3,999 1.3%
EVRAZ Caspian Steel 112 93 20.4% 393 317 24.0%
Iron ore products production 3,751 3,504 7.0% 14,399 14,205 1.4%
Pellets (EVRAZ KGOK) 1,704 1,563 9.0% 6,484 6,548 -1.0%
Sinter (EVRAZ KGOK) 943 946 -0.3% 3,732 3,582 4.2%
Concentrate saleable (EVRAZ 1,104 995 11.0% 4,183 4,075 2.7%
KGOK, EVRAZ ZSMK)
Coking coal concentrate 347 366 -5.2% 1,514 1,930 -21.6%
production
From own raw coal1 287 305 -5.9% 1,275 1,518 -16.0%
From third-party raw coal 60 61 -1.6% 239 412 -42.0%
Gross vanadium slag production2 4,856 5,198 -6.6% 20,058 19,533 2.7%
Note. Numbers in this table and the tables below may not add up to totals due to rounding.
1
From Coal segment
2
In tonnes of pure vanadium

In Q4 2021, pig iron production at the Group’s Russian mills remained mostly flat QoQ. In FY2021,
pig iron production dropped by 3.0% YoY because of a shortage of sinter and coke, as well as
because of the export duty introduction (effective until the end of 2021) which led to lower margins
from production at EVRAZ ZSMK.
Crude steel production volumes remained mostly flat QoQ and fell by 3.0% YoY amid lower pig iron
production at EVRAZ ZSMK.
Total output of steel products decreased by 1.0% QoQ. While semi-finished product volumes were
lower at EVRAZ ZSMK, construction product volumes were higher at EVRAZ NTMK and EVRAZ
Caspian Steel amid increased market demand. In FY2021, total output of steel products fell by 2.9%
YoY, mainly because of unfavourable prices for semi-finished products and reduced railway product
volumes at EVRAZ ZSMK amid lower demand from Russian Railways.
Output of iron ore products climbed by 7.0% QoQ. This was driven by higher production volumes of
pellets at EVRAZ KGOK following capital repairs at roasting furnace no. 4 in September and greater
production volumes of saleable concentrate at EVRAZ ZSMK following capital repairs at the
Abagurskaya processing plant in Q3 2021. In FY2021, output of iron ore products rose by 1.4% YoY.
This was partly because of higher production volumes of sinter in connection with the implementation
of new initiatives in the efficiency improvement programme for 2021, and partly because of a low-
base effect following capital repairs performed in 2020 at EVRAZ KGOK’s sinter machine no. 1.
Another factor was an increase in production volumes of concentrate saleable at EVRAZ ZSMK amid
higher incoming stocks of primary concentrate in 2021.

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Output of vanadium slag fell by 6.6% QoQ, mostly driven by lower vanadium content in pig iron and
reduced pig iron duplex processing volumes. In FY2021, output of vanadium slag rose by 2.7% YoY,
mainly because of higher pig iron duplex processing volumes during the year.

Total sales volumes

Q4 2021/ 12m 2021/

Q4 Q3 12m 12m
Product, ‘000 tonnes Q3 2021, 12m 2020,
2021 2021 2021 2020
change change
Coke 60 78 -23.3% 284 390 -27.2%
Steel products, external sales 2,758 2,559 7.8% 10,823 11,377 -4.9%
Semi-finished products 1,357 1,338 1.4% 5,541 6,039 -8.2%
Slabs 790 709 11.4% 3,036 2,592 17.1%
Billets 425 533 -20.3% 2,050 2,933 -30.1%
Other steel products1 142 96 47.9% 455 514 -11.5%
Finished products 1,401 1,221 14.7% 5,282 5,338 -1.0%
Construction products 922 799 15.4% 3,458 3,392 1.9%
Railway products 378 250 51.2% 1,193 1,299 -8.2%
Other steel products 101 172 -41.3% 631 647 -2.5%
Steel products, inter-segment 7 7 0.0% 29 67 -56.7%
sales
Third-party steel products, 210 213 -1.4% 774 848 -8.7%
external sales
Iron ore products, external sales 479 303 58.1% 1,430 1,732 -17.4%
Pellets 479 303 58.1% 1,430 1,732 -17.4%
Sales of vanadium in slag 2,460 1,834 34.1% 7,053 6,129 15.1%
Sales of vanadium final products2 3,809 2,864 33.0% 13,288 12,567* 5.7%
Note. Numbers in this table and the tables below may not add to totals due to rounding.
1
Includes tonnes of pig iron
2
In tonnes of pure vanadium
* The 2020 data has been adjusted

In Q4 2021, external sales of steel products rose by 7.8% QoQ. In FY2021, they dropped by 4.9%
YoY. Sales of semi-finished products increased by 1.4% QoQ amid the push to utilise stockpiled
material before the year-end. In FY2021, semi-finished product sales volumes fell by 8.2% YoY
because of a reduction in the output of semi-finished products following the introduction of the export
duty in 2021.

Sales of finished products rose by 14.7% QoQ. This was driven by higher construction product sales
amid healthy market demand in Q4 2021, as well as by greater railway product sales following the
completion of capital repairs at EVRAZ ZSMK’s rail and beam shop and EVRAZ NTMK’s wheel shop
in Q3 2021. In FY2021, sales volumes of finished products edged down by 1.0% YoY because of
reduced demand from Russian Railways for EVRAZ ZSMK’s rails.

External sales of iron ore products jumped by 58.1% QoQ following the start of sales to China through
the port of Ust-Luga. In FY2021, iron ore sales volumes dropped by 17.4% YoY amid a shortage of
concentrate in Q1 2021, an increase in EVRAZ NTMK’s demand for pig iron in 2021.

Sales of vanadium products surged by 33.0% QoQ, primarily due to higher demand in Europe and
North America after a traditionally low market activity in Q3 during the summer months. In FY2021,

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sales of final vanadium products increased by 5.7% YoY due to overall stronger demand in 2021,
caused by the recovery of key steel consuming sectors globally.

Slab and iron ore products cash cost

Q4 2021 / 12m 2021 /

Q4 Q3 12m 12m
Cash cost, US$/t Q3 2021, 12m 2020,
2021 2021 2021 2020
change change
Slab cash cost (vertically integrated) 358 309 15.9% 308 213 44.6%
Iron ore products (Fe 62%) 47 40 17.5% 42 36 16.7%

Average selling prices

Q4 Q3 12m 12m
US$/tonne (ex-works)
2021 2021 2021 2020

Coke 488 380 357 155

Steel products 726 761 696 442
Semi-finished products1 605 691 598 333
Construction products 834 827 782 479
Railway products 917 900 877 818
Other steel products 760 862 756 498
Pellets 81 154 129 60
Metal Bulletin Ferro-Vanadium basis 78% min, free DDP, 32.32 38.22 34.35 25.02
consumer plant, 1st grade Western Europe2
Ryan’s Notes N.A. FeV 80% min, US ex-warehouse, duty 33.39 37.66 34.77 23.85
paid2
1
Includes prices for pig iron
2
US$/kgV

In Q1 2022, pig iron production volumes are expected to increase QoQ because of a low-base effect
as EVRAZ ZSMK’s pig iron output recovers.

Iron ore product output is expected to decrease slightly QoQ in Q1 2022, because there are fewer
working days in February.

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STEEL, NORTH AMERICA SEGMENT

Production and sales volumes

Q4 2021/ 12m 2021/

Q4 Q3 12m 12m
Product, ‘000 tonnes Q3 2021, 12m 2020,
2021 2021 2021 2020
change change
Crude steel 480 491 -2.2% 1,879 1,580 18.9%
EVRAZ US mills 221 223 -1.1% 831 838 -0.8%
EVRAZ Canadian mills1 260 268 -3.2% 1,048 742 41.2%
Total steel products 440 430 2.3% 1,655 1,669 -0.8%
production, net of re-rolled
volume1
EVRAZ US mills1 301 278 8.4% 1,128 1,104 2.2%
EVRAZ Canadian mills1 139 153 -8.8% 527 565 -6.7%
Sales of steel products1 430 420 2.3% 1,646 1,686 -2.4%
Semi-finished products 0 0 n/a 0 144 -100.0%
Construction products 57 63 -9.5% 268 262 2.3%
Railway products 103 90 14.4% 383 404 -5.2%
Flat-rolled products 142 172 -17.2% 625 382 63.6%
Tubular products1 128 96 33.7% 370 493 -24.9%
1
Forecast 2020 updated in accordance with the actual data

In Q4 2021, crude steel production was 2.2% lower QoQ, mainly because of a maintenance outages
in November. In FY2021, crude steel production climbed by 18.9% YoY, primarily because of high
market demand for flat-rolled products.

Semi-finished product sales fell by 100.0% YoY following the fulfilment of a contract with the key
customer in 2020.

Sales of construction products dropped by 9.5% QoQ as a result of logistical challenges at the end
of the year amid the new wave of the pandemic in the US. In FY2021, construction product sales
rose by 2.3% YoY amid strong market demand and because product price growth outpaced that of
raw materials.

Sales of railway products increased by 14.4% QoQ, mostly as a result of a low-base effect following
a non-repeat outage in Q3. In FY2021, sales of railway products decreased by 5.2% YoY, primarily
due to the unplanned steelmaking downtime earlier in the year and softer customer demand H1
2021.

In Q4 2021, flat-rolled product sales fell by 17.2% QoQ. This was mainly due to seasonal decline as
the customers focused on managing their inventory at the end of the year. In FY2021, sales of flat-
rolled products were up by 63.6% YoY due to a spike in demand in 2021 following quick market
recovery from the COVID-19 pandemic and limited available supply.

In Q4 2021, tubular product sales surged by 33.7% QoQ, mainly due to continuing improvement of
the OCTG market demand. In FY2021, tubular products sales were 24.9% lower YoY mainly due to
completion of 2020 customer orders earlier in the year.

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Average selling prices

Q4 Q3 12m 12m
US$/tonne (ex-works)
2021 2021 2021 2020

Construction products1 1,146 1,015 961 665

Flat-rolled products1 1,782 1,470 1,319 755
Tubular products2 1,724 1,619 1,610 1,334
1
Forecast 2020 updated in accordance with the actual data
2
Forecast 2020 and Q3 2021 updated in accordance with the actual data

In Q1 2022, steel production and sales volumes are forecasted to be relatively flat QoQ as market
sentiments are expected to remain stable in the product segments served by EVRAZ.

COAL SEGMENT

Production volumes

Q4 2021/ 12m 2021/

Q4 Q3 12m 12m
Product, ‘000 tonnes Q3 2021, 12m 2020,
2021 2021 2021 2020
change change
Raw coking coal (mined) 6,699 4,983 34.4% 23,272 20,653 12.7%
Coking coal concentrate (production) 3,819 3,380 13.0% 14,448 13,598 6.3%

In Q4 2021, overall raw coking coal output surged by 34.4% QoQ, mainly because of the completion
of longwall moves at the Raspadskaya, Osinnikovskaya and Yerunakovskaya-VIII mines. In FY2021,
production of raw coking coal climbed by 12.7% YoY. The main driver of the increase was the
resumption of work at Razrez Raspadsky, which had halted operations from May to September 2020
amid poor market conditions. Another contributor was the transfer of operations at Esaulskaya to the
new longwall no. 29.

Output of coking coal concentrate rose by 13.0% QoQ and 6.3% YoY following an increase in coal
mining volumes.

Sales volumes

Q4 2021/ 12m 2021/

Q4 Q3 12m 12m
Product, ‘000 tonnes Q3 2021, 12m 2020,
2021 2021 2021 2020
change change
External sales 2,561 2,462 4.0% 10,608 12,336 -14.0%
Raw coking coal 145 104 40.0% 686 2,271 -69.8%
Coking coal concentrate 2,416 2,358 2.5% 9,922 10,065 -1.4%
Intersegment sales 1,443 1,533 -5.9% 6,197 6,990 -11.3%
Raw coking coal 507 522 -3.0% 2,172 2,323 -6.5%
Coking coal concentrate 936 1,010 -7.4% 4,025 4,667 -13.8%

In Q4 2021, external sales volumes of coking coal products climbed by 4.0% QoQ. In FY2021, they
fell by 14.0% YoY. Raw coking coal sales volumes jumped by 40.0% QoQ in connection with raw

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coking coal output growth. In FY2021, external sales volumes of coking coal products decreased by
69.8% YoY following the change in the product mix in favour of coking coal concentrate to meet
customer needs.

Coking coal concentrate sales volumes rose by 2.5% QoQ amid an increase in coal mining volumes
and favourable market conditions.

Coking coal concentrate cash cost

Q4 2021 / 12m 2021 /

Q4 Q3 12m 12m
Cash cost, US$/t Q3 2021, 12m 2020,
2021 2021 2021 2020
change change

Coking coal concentrate 42 48 -12.5% 41 31 32.3%

Note: Starting from 2021, the methodology has been changed.

Average selling prices

Q4 Q3 12m 12m
US$/tonne (ex-works)
2021 2021 2021 2020

Raw coking coal 164 97 89 34

Coking coal concentrate 204 131 122 62

In Q1 2022, raw coal production is expected to decrease QoQ amid longwall movements at the
Raspadskaya, Uskovskaya and Alardinskaya mines, as well as unfavourable mining and geological
conditions at the Esaulskaya mine.

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Notes:
Semi-finished products include slabs, billets, pipe blanks and other semi-finished products.
Construction products include beams, channels, angles, rebars, wire rods, wire and other construction products.
Railway products include rails, wheels, tyres and other railway products.
Flat-rolled products include commodity plate, specialty plate and other flat products.
Tubular products include large-diameter line pipes, ERW pipes and casings, seamless pipes and other tubular
products.
Other steel products include rounds, grinding balls, mine uprights, strips, etc.

For further information:

Media Relations:
Moscow: +7 495 937 6871
London: +44 207 290 1096
media@evraz.com

Investor Relations:
Moscow: +7 495 232 1370
London: +44 207 290 1095
ir@evraz.com

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