morgan stanley metals and mining conference — moscow
TRANSCRIPT
September 11, 2006
MORGAN STANLEY
METALS AND MINING CONFERENCE
MOSCOW
1
DisclaimerDisclaimer
This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Evraz Group S.A. (Evraz) or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of Evraz or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document.
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons togetherbeing referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this document or any of its contents.
This document contains “forward-looking statements”, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Evraz’s control that could cause the actual results, performance or achievements of Evraz to be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions.
Such forward-looking statements are based on numerous assumptions regarding Evraz’s present and future business strategies and the environment in which Evraz Group S.A. will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and Evraz expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Evraz’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Neither Evraz, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document.
The information contained in this document is provided as at the date of this document and is subject to change without notice.
2
Evraz HighlightsEvraz Highlights
n Vertically integrated steel and mining business, among the 15 largest steel producers in the world
n 2005 Production of 13.9 million tonnes of crude steel and 12.1 million tonnes of rolled products
n 2005 EBITDA Margin of 28.6% is in the Top 10 globally
n Leader in Russian long products market with 30-100% market share
n High level of vertical integration and self-sufficiency in iron ore and coal
n One of the lowest cost producers of steel in Russia and CIS with mines located close to steel production sites
n Strong commitment to high standards of corporate governance
3
Top Russian Steel ProducerTop Russian Steel Producer
Evraz Group’s main locations Top Russian steel producers
Iron ore mining
Coal mining
Service Centres
Sea ports
Steel mills
NakhodkaSea Port
Neryungri Ugol
Bratsk
Irkutsk
Krasnoyarsk
ZapSib
Mine 12Raspadskaya
NKMKYuzhkuzbassugol
EvrazRuda
Tomsk
KemerovoNovokuznetsk
Omsk
Novosibirsk
Surgut
Chelyabinsk
YekaterinburgNTMKVGOK
KGOKPerm
Penza
Moscow
Lipetsk
Stary Oskol
St. Petersburg
N.Novgorod
Samara
Kiev
Stratcor
Stratcor
Vitkovice Steel
Palini e Bertoli
Vanadium
Output of Russian assets(mt)Russian
ranking Company 2003 2004 2005Mainproducts
1 Evraz Group 13.9 13.7 13.8 Long
2 MMK 11.5 11.3 11.3 Flat/long3 Severstal 9.9 10.4 10.8 Flat/long4 NLMK 8.9 9.1 8.4 Flat5 Mechel 4.6 5.5 4.6 Long/flat
Source: Chermet, EvrazNote: Crude steel output
Highveld
4
Vision and Strategic GoalsVision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the construction and railway steel product markets in Russia and CIS
Global player with strong position in attractive flat product markets complementing its world-class semis export business
Lowest cost producer of crude steel in Russia and CIS through superior efficiency and vertically integrated mining platform
Global leader in Vanadium with market share over 30%
5
Vision and Strategic GoalsVision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the construction and railway steel product markets in Russia and CIS
Global player with strong position in attractive flat product markets complementing its world-class semis export business
Lowest cost producer of crude steel in Russia and CIS through superior efficiency and vertically integrated mining platform
Global leader in Vanadium with market share over 30%
6
WellWell--positioned positioned in High Growth Domestic Marketin High Growth Domestic Market
Sources: The RF Ministry of Economic development and Trade, Bank of Russia, Chermetinfo, Metal-Expert, Metal Bulletin
Forecast of GDP growth and steel consumption, 2005-2010
n Exposed to high growth markets
n Russian and CIS steel consumption remains below global benchmarks
n Key sectors have shown very robust demand growth in 2005
n Russian sales remain high at more than 60% in revenue
n Stable favorable domestic pricing environment supports sustainability of earnings
n Evraz’s market share remains stable or growing
Prices for Major Products Y2005
30,531,6
33,435,1
37,339,9
2005 2006 2007 2008 2009 2010
+5.7%
+6.4%
+6.1%
+5.8%
+6.0%
+6.0%
Steel Consumption
GDP growth
100
Mt
120
140
GDP %
150
300
450
600
750
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
H-beams, Russian price Rebars, Russ ian priceChannels, Russ ian price Rebars, Export price, FOB (Far East)Slabs, export price (FOB, Black Sea)
USD/tonne
30
40
50
7
Capitalising on the Growing Capitalising on the Growing Construction MarketConstruction Market
2002 =100%
GDPConstruction:Rebar consumption
’06-’10F Construction Output CAGR: 6,7%
’06-’10F GDP CAGR: 5,6%
’06-’10F Rebar Consumption CAGR: 9,5%
Source: Evraz, EIU, Chermet, Metall Expert
Construction Output Forecast to Exceed GDP Growth
n Reinforcing long product leadership in Russia and CIS
n Construction growth in Russia and CIS continues to outperform GDP
Russian Sales Product Mix 2005, '000 tonnes
1,277
1,5372,716
259 255 295
Semi-finished steel Railway sector Construction sectorMining sector Plates Other
100
150
200
250
300
350
2002
2003
2004
2005
2006
2007
2008
2009
2010
400
6.34 mt = 100%
8
Strengthening Dominant PositionStrengthening Dominant Positionin Railway Productsin Railway Products
n Strengthening strategic partnership with Russian Railwaysn Rail product growth driven by US$21 billion
investment in railway infrastructure and rolling stock
n Increasing market share in commercial segment of Russia and CIS
n Penetrating export markets
84%
49%
30% 28%
100%
0%
25%
50%
75%
100%
Rails H-Beams
Channels Rebars Wheels
Russian market share by volume, 2005
#1
#1
#1
#1
#2
Steel Consumption Growth Structure
39,9 mtSteel Consumption
30,5 31,6 33,4 35,137,3
2005 2006 2007 2008 2009 2010
Pipes
Long Products
Flat Products0
20
40
60
80
100%
21%
42%
38%
18%
43%
39%
EVRAZ share in railway products
0%
25%
50%
75%
100%
Rails
Whe el
s
Top Ra il
Fast
ener
Rail Fast
enerAxle
Z Sect
ions
Railc
ar U
prig
ht
9
Vision and Strategic GoalsVision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the construction and railway steel product markets in Russia and CIS
Global player with strong position in attractive flat product markets complementing its world-class semis export business
Lowest cost producer of crude steel in Russia and CIS through superior efficiency and vertically integrated mining platform
Global leader in Vanadium with global market share over 30%
10
Export MarketsExport Markets
Portfolio Management Opportunity
US$ per tonne
Slab
Billet
Slab/Billet Portfolio Flexibility
Max slab
4,680
1091,252431
50
Semi-finished steel Railway sector Construction sectorPlates Other
Non - Russian Sales Product Mix 2005
‘000 tonnes
2005 Non-Russian Revenue Mix
USA3%
Others15% Taiwan
20%
Iran8%
Thailand18%
Vietnam8%
China7%
W Europe7%
Philippines8%
Korea6%
Source: Metal Bulletin, Metal Courier, Evraz
250
300
350
400
450
500
Jan-
05
Feb-
05
Mar
-05
Apr-05
May
-05
June
-05
July-0
5
Aug-
05
Sept
-05
Oct-0
5
Nov-0
5
Dec
-05
Jan-
06
Feb-
06
Mar
-06
Apr-06
May
-06
June
-06
2.7
1.20
1
2
3
4
5
6
1.5 m tonnes
Slab
Billet
5.7 5.7
Min slab
34.5
11
Establishing Presence Establishing Presence in Flat Marketsin Flat Markets
n Evraz acquired 75% in Aug 2005n Target markets – Middle East, Western
Europe and North African Total sales – ca 350,000 tonnes of rolled
products in 2005n Secure customer base for low-cost slab
produced in Russia, internal slab supply can cover 100% slab requirement
n Access to premium and standard plate market
n Evraz acquired 98.96% and remaining 1.04% of Vitkovice Steel in Nov, 2005 and Aug, 2006 correspondingly
n Target markets – the Czech Republic and Central Europe
n Total sales in 2005 > 853,000 tonnes of rolled products
n Access to premium plate market
Palini e Bertoli Vitkovice Steel
n Expand presence in the attractive flat product markets through selective M&A
n Build a flexible world-class semis export business reaching 100% penetration in key clients segments and 50% long-term contracts share of slab sales
12
0
100
200
300
400
500
600
700
800
900
1000
Jan 03
May 03
Sep 03
Jan 04
May 04
Sep 04
Jan 0
5
May 05
Sep 05
Jan 0
6
May 06
Sep 06
EU export fob plate US domestic plate Black Sea slab
Global Player With Growing Focus Global Player With Growing Focus on Flat Marketson Flat Markets
n Semis export markets remain volatile
n Flat product market presence provides exposure to the benefits and a possible platform for regional consolidation process
n Strong position in growing Central and South European plate markets
Source: Evraz Group analytical and controlling departments, SBB
Slab pricing vs. plate pricing
2,847
1,361
1,0901,000950 919 900 900 848 839
762680 632 600
500 454 432 400300 300
100 49
Arcelor
(+Dil li
nger)
Mitt
al S
teel G
alat
i
Evraz
(P&
B+Vitk
ovice
)
Man
nesm
annro
hr Riva
Duferc
oTK
S
Krem
ikov
tsi
Salzg
itter
Coru
s
US Ste
el K
osice
IUD C
esto
howa
SSAB
Ruukki
voe st
alp in
e
Mal
acal
za
Danst
eel
Valsid
er
Mar
cega
glia
Stom
ana
Side
norArc
oni
Erde
mir
Evraz position in European plate production
‘000 tonnesUS$/t
13
Vision and Strategic GoalsVision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the construction and railway steel product markets in Russia and CIS
Global player with strong position in attractive flat product markets complementing its world-class semis export business
Lowest cost producer of crude steel in Russia and CIS through superior efficiency and vertically integrated mining platform
Global leader in Vanadium with market share over 30%
14
Integrated Business ModelIntegrated Business Model
n One of the lowest cost producers of steel in Russia and CIS
n High level of vertical integration and self-sufficiency in iron ore and coal
n Vertically integrated business model of Evraz ensured that Evraz’s feedstock costs rose only by 13% against 33% rise in steel sector in Y2005
195220
912
2919
1
0
100
200
300
2004 2005
Benefit from vanadium slag sales 3)Benefit from integration into mining 4)Pro forma benefit from YuKU consolidation 5)Consolidated steel products cost per tonne 2)
Benefit of Vertical Integration
$/t
2081)
+ 13%
+ 33%
2771)
1) Steel segment cost per tonne estimated as (Revenue from steel products only – (Steel segment EBITDA - Vanadium slag sales) - Transport expense in Steel segment COS (export) -Steel segment Selling and Distribution costs) / Total steel products shipments
2) Consolidated steel products cost per tonne estimated as steel segment cost per tonne less benefits from vanadium slag sales, integration into mining and YuKU consolidation 3) Estimated as vanadium slag sales over total steel products shipments4) Estimated as (Mining segment EBITDA + Profit from associates (coal assets)) / Total steel products shipments5) Assumed additional profit from associates due to pro forma consolidation of YuKU from January 1, 2005, actual consolidation effective December 30, 2005* Calculated as of December 31, 2005. Data do not include recent acquisitions Source: Evraz
86%
14%
149%
0%
20%
40%
60%
80%
100%
120%
140%
160%
Iron ore Coal
Externaly
Internaly
Feedstock Coverage
15
Cost StructureCost Structure
63%10%
9%
7%7%
4%
Raw materia ls Transportation Staff costsDepreciation Energy Other
28%
21%
7%
24%
20%
Raw materials Staff costs Depreciation
Energy Other
Steel Segment, 2005Steel Segment, 2005 Mining Segment, 2005Mining Segment, 2005
§§ Evraz’s consolidated cost of revenues amounted to US$4,160 million and
US$3,514 million in 2005 and 2004, respectively
16
Vision and Strategic GoalsVision and Strategic Goals
Evraz Group’s Vision is to be a world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the construction and railway steel product markets in Russia and CIS
Global player with strong position in attractive flat product markets complementing its world-class semis export business
Lowest cost producer of crude steel in Russia and CIS through superior efficiency and vertically integrated mining platform
Global leader in Vanadium with market share over 30%
17
Sheet, 27%
Plate, 40%
Sections, 14%
Bars, 9%
Alloys, 7%
Chemicals, 3%
Growing Vanadium Business
n Steel industry (90%)
n High strength low alloy (HSLA) Steels
n Full Alloy Steels
n Tool Steels / Stainless Steel
n Carbon Steels
n Airspace industry (7%)
n Titanium alloys for jet engine parts,
airframes, rockets, nuclear
n New alloys for modern aircrafts
and jets totals 20% of the weight(A380 and B787)
n Chemicals and Batteries (3%)
n Catalyst for sulphuric acid and plastics
n Dietary, glasses, pigments
n Best strength to weight ratio of common engineering materials
n With 0.1% addition of vanadium in structured steel, strength can be increased by 10 to 20%; structures’ weight can be reduced by 15 to 25%
Source: CRU
World Vanadium Market
18
Recent acquisitions Recent acquisitions
nIn June Evraz acquired 24.9 % in Highveld
nIn August Evraz acquired 72.84% in Strategic Minerals Corporation (Stratcor)
nAcquisitions give access to finished vanadium market, bring significant technical know-how, and allow Evraz to capitalise on strong trends in vanadium market
Stratcor Highveld
n Strategic Minerals Corporation, is one of the world's leading producers of vanadium alloys and chemicals for the steel, chemical, and titanium industries
n 2005: Revenues – $258m , EBITDA -$108m
n Plant in Arkansas, USA with total capacity of 12 mln pounds of V2O5 equivalent per year. Main products are Vanadium Chemicals and FeV
n Plant in South Africa with total capacity of 14 mln pounds of V2O5 equivalent per year. Main product is Nitrovan
n Highveld Steel and Vanadium is a leading vanadium producer and also produces steel, ferroalloys, and carbonaceous products
n Evraz acquired 24.9 % in Highveld from Anglo American
n 2005: Revenues – $1,124m , EBITDA -$510m
n In 2005 Highveld sold 735 thousand tonnes of steel products, 4,407 tonnes (in V2O5) of Vanadium Pentoxide 1,750 tonnes (in V) of FeV and FeV Nitride, 1,117 tonnes (in V2O5) of Vanadium Chemicals and 263 thousand tonnes of alloys
19
Vision and Strategic GoalsVision and Strategic Goals
Evraz Group’s Vision is to a be world class steel and mining
Company and one of the Top 5 most profitable steelmakers
globally by ROCE and EBITDA margin
Leader in the construction and railway steel product markets in Russia and CIS
Global player with strong position in attractive flat product markets complementing its world-class semis export business
Lowest cost producer of crude steel in Russia and CIS through superior efficiency and vertically integrated mining platform
Global leader in Vanadium with market share over 30%
20
Financial Results 2003 Financial Results 2003 -- 20052005
2,168
5,9336,508
476 253
1,8602,017
1,0431,345
22%
34%
29%
0
1,500
3,000
4,500
6,000
2003 2004 20050%
5%
10%
15%
20%
25%
30%
35%
40%
Revenue EBITDA*Net Income** EBITDA (margin, %)
* EBITDA represents profit from operations plus depreciation and amortisation, impairment of assets and loss (gain) on disposal of PP&E** Net Income includes minority interests*** ROCE represents profit from operations plus profit from equity investments less income tax over total equity plus interest bearing loans and lease average for the period
43
946
1,496
(177)
413
801
196293
641
2.2x
1.8x
0.2x27%
34%
67%
(400)
(200)
0
200
400
600
800
1,000
1,200
1,400
1,600
2003 2004 2005
($m
)(2.0)
(1.5)
(1.0)
(0.5)
0.0
0.5
1.0
1.5
2.0
2.5
(x)
Cash Flow From Operations Free Cash Flow Cash & Equivalents CFO/CapexROCE***
n Proven Ability to Generate Strong Free Cash Flows
n Internally-generated cash flows and liquidity steadily improving
Growing profitable business Cash Flow Generation
US$m
21
Projected Capex ProgrammeProjected Capex Programme
0
100
200
300
400
500
600
700
2006B 2007 2008 2009 2010 2011
Steel Segment Mining Segment
Focused on steel segment efficiencies High degree of scalability andcomfortably self-funded
0
50
100
150
200
250
300
350
400
450
2006B 2007 2008 2009 2010 2011
Development Maintenance
n Capex to increase the share of higher margin products
n Capex programme to reduce costs, improve process flows and expand the product range
22
Stronger Financial PositionStronger Financial Position
Total Debt and Net Debt/EBITDA
§ Low-levered company with Net Debt/EBITDA below 1.0x§ Share of Unsecured Debt increased to 60% in 2005 vs. 48% in 2004§ Multiple upgrades:
§ Ba3 by Moody’s § BB- by Fitch§ BB-/Stable Outlook by S&P
* total debt represents long-term loans, net of current portion, plus short-term loans and current portion of long-term loans** net debt represents long-term loans, net of current portion, plus short-term loans and current portion of long-term loans less cash*** net debt/EBITDA calculated as net debt at the end of period over EBITDA
Significantly Improved Debt Maturity Profile
122
582.29
1,318
2,350
0.4
0.8
0.9
0.5
0
500
1,000
1,500
2,000
2,500
3,000
2002 2003 2004 20050.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
Total Debt Net Debt/Adj. EBITDA
0
100
200
300
400
500
600
700
800
900
1yr 1-3yrs 3-5yrs 5-7yrs 7-10yrs
($m
, Debt am
ortizin
g)
31-Dec-04 31-Dec-05
(x)
US$m
23
Q2 Y2006 Trading updateQ2 Y2006 Trading update
1 Operational results of Palini e Bertoli are consolidated into the Group since September 2005 and of Vitkovice Steel since December 2005.2 Operational results of Yuzhkuzbassugol are consolidated into the Group since December 31, 2005.3 Evraz Group holds 45.75% interest in Raspadskaya Mine and 50% interest in Yuzhkuzbassugol.
(Yuzhkuzbassugol)2
n/an/a7,687+18.8%n/an/a4,173Coking and steam coal +4%3,3143,446+16.1%+39.5%1,3271,851Coking coal (Raspadskaya)
Equity investments3
+14%2427+26.9%(36.5)%2415Steam coal
n/a156400(5.6)%+24.5%156194Coking coal
Coal (mined)
+7%2,7572,957+0.7%+15.9%1,2811,484Pellets(7)%4,6324,295+9.9%(3.2)%2,3222,249Sinter
(16)%1,2901,084+17.2%(12.2)%666585ConcentrateIron ore (saleable products)
Mining division2
n/an/a447+22.4%n/an/a246Incl. VS
n/an/a217+4.7%n/an/a111Incl. PeB
+19%6,0037,126+9.3%+26.0%2,9533,721Rolled products1
n/an/a440+24.5%n/an/a244Incl. VS
+14%7,0087,999+8.3%+20.0%3,4674,159Steel+7%5,9516,381+7.8%+13.4%2,9203,310Pig Iron
Steel division
change, %change, %change, %tonnestonnes
H1 2005Q1 2006Q2 2005thousand thousand
H1 2006/H1 2005H1 2006Q2 2006 / Q2 2006 / Q2 2005, Q2 2006, Product
24
Strong Commitment to High Strong Commitment to High Standards in Corporate GovernanceStandards in Corporate Governance
Objectives Evraz initiatives
n Transparencyü International audits by E&Yü Commitment to higher levels of disclosure ü Increased corporate transparency with easy
information access
n Integrity of P&L
ü Evraz Group S.A. operating as a profit centreü Independent Auditor + 3 Committees
n Shareholder rights protection and compliance
ü LSE listingü Independent directors (3 out of 9 members)ü Corporate Governance Policies and Procedures,
compliance procedures in place
n Efficient capital allocation
ü Focus on downstream business and corporate reorganization
ü Dividend policy to balance investment opportunities with returning cash to shareholders
ü Depository receipt programme: The Bank of New York
n Minimization of infrastructure risks
25
Environmental InitiativesEnvironmental Initiatives
530.576 525.468502.202
359.7417
0
100
200
300
400
500
600
2003 2004 2005 2010 (est)
Total Air Emissions
25.478
23.858
22.654
2121.5
2222.5
2323.5
2424.5
2525.5
26
2003 2004 2005
Air Emissions per tonne of production
n Introduction of new technologies to reduce energy consumption and to meet environmental protection programme
n Equipment upgrade in order to reduce emissions
n Within the 6 year period 2004 – 2010, Evraz is intending to spend approximately $134 million on replacing outdated machinery and equipment
n Major mills comply with international standard ISO14001:2004
‘000 tonnes Kg/tonne
26
Corporate Social ResponsibilityCorporate Social Responsibility
n Evraz goes well beyond regular working practices in CSR
– Every site of the Group has developed a health programme for employees, including additional health services provided by both local and the Group’s medical centres
– The Company established an pension fund for the employees
n Evraz supports communities’ initiatives and programs for children as well as provides equipment for teaching computer literacy and supports local schools and colleges
n Evraz actively participates in community initiatives for safer environment
27
OldRaspadskaya
478
M UK-96 and Razrez
304
Expanding Interest inExpanding Interest in CoalCoal
11.06.4
6.0
3.3
0
24
68
1012
1416
18
2005 2010
Raspadskaya MUK-96 & Razrez
CAGR = 12%
Source: IMC Reserve Audit Report 2006
Proved and Probable Reserves, mln tonnes Target Output, mln tonnes
n Evraz owns 46.3% beneficial interest in OAO Raspadskaya, the second-largest coking coal company in Russia
n In June 2006, OAO Raspadskaya completed acquisition of two mining assets:Mezhdurechenskaya Coal Company-96 and Razrez Raspadsky with fair value of $769 mln
n Evraz provided $225 mln in cash plus $300 mln. in short-term financial guarantees for OAO Raspadskaya
Source: OAO Raspadskaya