Fourth Quarter ending 31 December 2014 Operational Results EVRAZ Highveld Steel and Vanadium Limited Registration number: 1960/001900/06 (Incorporated in the Republic of South Africa) Share code: EHS ISIN ZAE000146171 (“the Company”) Fourth Quarter ending 31 December 2014 Operational Results Following the practice of the holding company, EVRAZ plc, to release quarterly operational information, EVRAZ Highveld Steel and Vanadium Limited hereby releases its results as follows: PRODUCTION VOLUMES 4Q 2014/ 4Q 2014/ Unit of 3Q 2014, 4Q 2013, Notes 4Q 2014 3Q 2014 4Q 2013 measure % % change change Steel segment Hot metal Tons 1 167 975 154 049 9 161 203 4 Continuously cast blocks Tons 2 160 215 141 486 13 163 698 (2) Sections Tons 55 823 54 945 2 44 745 25 Plates Tons 3 43 367 19 864 118 41 065 6 Coil Tons 3 29 969 25 182 19 30 680 (2) Vanadium slag Kg V 5 2 030 568 1 764 731 15 1 662 830 22 Fines ore Tons 4 196 431 189 691 4 144 876 36 Vanadium segment Ferrovanadium (FeV) Kg V 5 1 125 777 961 380 17 1 317 070 (15) WEIGHTED AVERAGE SELLING PRICES 4Q 2014/ 4Q 2014/ Unit of Notes 4Q 2014 3Q 2014 3Q 2014, 4Q 2013 4Q 2013, measure % change % change Steel segment Total Steel R/ton 7 334 7 138 3 6 703 9 Vanadium slag R/Kg V 6 77 80 (4) 77 (1) Fines ore R/ton 6 494 535 (8) 200 147 Vanadium segment Ferrovanadium R/Kg V 268 262 2 251 7 Average exchange rate R/$ 11.22 10.77 4 10.16 10 Notes: All prices quoted are delivered prices. The below comments explain material variances between Q4 2014 and Q3 2014: General: 1. Increased hot metal production was achieved by reducing the number of operational furnaces at improved efficiency due to a better kiln to furnace ratio and improved ore quality. 2. Operational improvements in the steel making division resulted in increased cast slab production. 3. Flat products division increased production due to improved cast slab availability. 4. Fines ore production continued to increase post maintenance shut down at the mining plant. 5. Vanadium Slag & FeV production increased due to maintenance performed during Q3. 6. Pricing for Vanadium slag & Fines ore showed a decrease due to decreased global FeV pricing. 15 January 2015 Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd Date: 15/01/2015 01:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.