OVERVIEWIn Q3, the EU and US rolling assets, formerly part of the NLMK/Duferco JV, were consolidated on the Groupís balance sheet for the first time. The newly acquired assets, with approximately 6 million tonnes of rolling capacity, enabled the Company to improve its sales mix with a bigger share of finished rolled products, as well as ensuring a greater geographic diversification of NLMKís business operating segments. At the same time, the consolidation of the relatively lower margin rolling assets in the EU and US in the weak market had a negative impact on profitability. Despite the fact that the Groupís revenue totaled $3.3 billion, up 12% quarter-on-quarter, the EBITDA was $537 million ($478 including the unrealized profit adjustment related to the sale of slabs to Steel Invest and Finance rolling assets in Q2, for more details on roll back effect see page 8). The EBITDA margin contracted to 16%; 14% including the unrealized profit adjustment related to the sale of slabs to Steel Invest and Finance rolling assets in Q2. Net income amounted to $225 million. Steel production costs at the Lipetsk site (75% of the Groupís total steelmaking capacity) were in line with Q2 at approximately $405 per tonne (-$1 quarter-on-quarter).Q4 2011 OUTLOOK he Groupís Q4 sales volumes will be approximately 3.5 million tonnes. The pricing environment in the domestic market will remain mostly stable. Prices in the export market are still under pressure due to the weaker economic conditions, as well as seasonal factors. The Company reconfirms its full year production outlook in the range of 12 million tonnes of steel. In Q4 we expect steel production output to grow 7%, as well as sales, following the launch of the new blast furnace. We expect Q4 profitability to be in the range of 15%.