Development trends

In early 2013, the Russian division sees a strong order backlog for the beginning of the year, particularly in OCTG and line pipe, as a result of growing exploration and production activity of oil and gas companies. However, the drilling environment in the U.S. and economic conditions in Europe remain challenging, and therefore the Company conservatively expects the results of the first quarter of 2013 to be approximately in line with the results of the fourth quarter of 2012.

Given the anticipated improvements in the subsequent quarters of 2013 the Company expects to compensate slower pace of the first quarter of 2013 with better operational performance for the remainder of the year to be in line with the 2012 results with some upside potential.

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