Russian Coal Competitors

Severstal remains a global leader in efficiency, with the highest EBITDA margin in the steel industry globally, positive free cash flow generation throughout the cycle and a track record of achieving its targets. To deliver additional growth, the Company has updated its already proven strategy - retaining its fundamental advantages but adding new elements. Severstal's new vision is to be a leader of the steel industry of the future and the first choice for its customers, employees and partners. To achieve this, the Company is setting out new strategic priorities to distance itself further from its competitors. These are: superior client experience, cost leadership and embracing new opportunities. All three will be supported by Severstal's advanced corporate culture. Superior client experience - Severstal aims to offer our customers unique selling propositions on each target market; Cost leadership - Severstal's goal is to achieve a significant cost advantage in basic steel products; New opportunities - Severstal's objective is to access and consequently benefit from the use of global cutting-edge technology and new business-models. Implementing this set of objectives will support the Company in reaching its financial target of increasing EBITDA by 10-15% annually for the next 5 years. (This excludes pricing/macro factors.)

KAZ Minerals is a high growth copper company focused on large scale, low cost, open pit mining in Kazakhstan and the CIS region. It operates the Aktogay and Bozshakol open pit copper mines in the Abay and Pavlodar regions of Kazakhstan, three underground mines and associated concentrators in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan. In 2024, KAZ Minerals’ total copper production was 380 kt with by-products of 146 koz of gold, 3,728 koz of silver and 43 kt of zinc in concentrate. The Group’s major operations at Aktogay and Bozshakol have delivered industry leading production growth and transformed KAZ Minerals into a company dominated by world class, open pit copper mines. The Aktogay expansion project to double sulphide processing capacity at the mine was officially opened in October 2021, with first shipments to customers dispatched in December 2021. KAZ Minerals employs over 14,000 people across Kazakhstan and the CIS region.

OJSC MMK is among the world's largest steel producers and is one of the leaders of Russia's steel industry. The company's operations in Russia include a large steel producing complex encompassing the entire production chain, from preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of higher value added goods. In 2008 the company produced 12 mm tonnes of crude steel and 11 mln tonnes of commercial products. MMK Group revenues in 2008 stood at USD 10.55 bn.