Evraz Highveld

11 October 2013 - Evraz Highveld Steel and Vanadium - 3Q 2013 Operational Results The below comments explain material variances between Q3 2013 and Q2 2013: 1) General: During July and August iron making furnace electricity input was constrained to offset the impact of peak electricity tariffs (25 hours per week). This resulted in lower liquid iron production, which in turn affected steel and vanadium slag production. During this period rolling of structural and flat products continued without interruption, through reducing the inventory of cast steel. During August the slab caster was out of operation for an extended period to effect major maintenance. The outage overran the planned schedule resulting in below plan production of liquid iron, cast slab, rolled flat products and vanadium slag during September. 2) Q3 ore production at the mine was impacted by equipment availability problems and the introduction of quality improvements. 3) Reduced MVO/Nitrovan output due to lower slag availability, a result of the need to meet the company's contractual slag supply volume to Hochvanadium. 4) Reduced local market demand and an increase towards export markets resulted in a lower weighted average steel price in Q3. 5) The average weighted LMB pricing ($/kg V) reduced by 13% from Q2 to Q3. http://www.saisi.co.za/index.php/52-site-content/news/252-evraz-highveld-steel-vanadium-operational-results-3q-2013

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