Evraz Plc : Publication of Audited 2011 Annual Report and Accounts

PUBLICATION OF AUDITED 2011 ANNUAL REPORT AND ACCOUNTS

25 April 2012 - Further to the preliminary announcement of its results for the year ended 31

December 2011, EVRAZ plc announces that it has today published its 2011 Annual Report and
Accounts (the "2011 Annual Report") for the same period.
The 2011 Annual Report is now available to view or download in a pdf format from the Company's website at www.evraz.com and a copy has been submitted to the National Storage Mechanism, which will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.
The 2011 Annual Report and the Notice of the Company's Annual General Meeting, which will be
held on 18 June 2012 in London, will be posted to shareholders on or around 8 May 2012.
A condensed set of the Company's financial statements were included in the Company's
preliminary results announcement.
That information, together with the Appendix to this announcement, which is extracted from the
2011 Annual Report, constitutes the material which is required to be communicated to the media in unedited full text through a Regulatory Information Service for the purposes of compliance with DTR 6.3.5. It should be read in conjunction with and is not a substitute for the full 2011 Annual
Report.
References to page numbers and notes to the accounts made in the following Appendices refer to page numbers in the 2011 Annual Report.

APPENDIX A - PRINCIPAL RISKS AND UNCERTAINTIES

Effective management of risk is essential to achieving EVRAZ's objective of delivering long-term value to shareholders and to the protection of its assets, people and reputation. Identifying, evaluating and managing business risks is integral to the way EVRAZ runs its business.

Risk Type	Risk	Mitigation
Strategic Risks
Global Economy and Industry Cyclicality	The steel and mining industries are cyclical and strongly influenced by global economic conditions. As a result, EVRAZ's business is highly dependent on, and sensitive to, the global macroeconomic environment. If macroeconomic conditions deteriorate or a significant economic contraction take place in any of the Group's key geographic markets, the Group's business, financial condition and prospects could be materially affected. The industries in which the majority of our steel customers operate, are themselves cyclical in nature and sensitive to economic conditions. Renewed weakness in these industries would adversely affect EVRAZ's business. The prices of EVRAZ's primary commodities and its steel products are influenced by many factors including	Regular strategic planning, global operations diversifying risk across a number of key economic markets, increasing the number of medium and long term customer contracts, maintaining a competitive low product cost structure, prudent financial management.

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affect EVRAZ's financial condition and
results of operations.
EVRAZ borrows on both a fixed and variable rate basis and has other interest-bearing liabilities, such as finance lease liabilities and other obligations.
EVRAZ incurs interest rate risk on liabilities with variable interest rates.
payment period which is longer than normal terms. In this case, EVRAZ requires bank guarantees or other liquid collateral. The Group developed standard payment terms
and constantly monitors the status of accounts receivable collection and
the creditworthiness of the
customers.
Natural hedging against foreign exchange risk. The majority of EVRAZ revenues are received in
roubles (for sales in Russia) and US dollars (almost all sales in other countries).
However, roubles prices in
the Russian domestic market are linked to export parity, so viewed as effectively US dollar prices with a domestic premium in times of higher demand. Also, domestic sales in Russia are generally
more profitable compared to exports due to the effect of transportation costs. When the Russian market performs well, the roubles appreciates, which leads to both increased costs and increased revenues in US dollar terms due to both the domestic premium and the higher proportion of domestic sales. On the other hand, when the Russian economy
weakens, rouble production costs fall, while steel prices
usually follow the RUB/USD
exchange rate trend and more steel is exported. Finally, almost all of EVRAZ's debt is US dollar denominated (including the rouble bonds which are swapped into US dollars). EVRAZ's treasury function performs analysis of current interest rates. In the event
of changes in market fixed or variable interest rates

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APPENDIX B - RESPONSIBILITY STATEMENT

The directors who were members of the board at the time of approving the directors' report are listed on pages 58 to 59. Having made enquiries of fellow directors and of the Company's auditors, each of these directors confirm that:
• To the best of each director's knowledge and belief, there is no information (that is, information needed by the Group's auditors in connection with preparing their report) of which the Company's auditors are unaware; and
• each director has taken all the steps a director might reasonably be expected to have taken to be aware of relevant audit information and to establish that the Company's auditors are aware of that information.
Pursuant to the Disclosure and Transparency Rules, each of the directors listed on pages 58 to
59 of the Annual Report confirm that to the best of their knowledge:

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