In addition, we will be using non-GAAP financial measures including EBITDA in our discussion today. Reconciliations of non-GAAP financial measures to the most directly comparable US GAAP financial measures are contained in the earnings press release which is available on our website at

At this point, I would like to turn the call over to Mr. Oleg Korzhov. Mr. Korzhov, please go ahead.

Oleg Korzhov

Good day and good morning ladies and gentlemen. Welcome to the conference call. We are going to discuss the financial statements of the company for the first six months of 2011. I will start my presentation with a general overview of the work done and of the current situation and then I will pass the floor to the Senior Vice President for Finance, Stanislav Ploschenko, who will cover financial results.

Summarizing the work of the company in the first six months of the year, I must notice first of all that this period of time was the time of consistent building up of production of all the main types of products. It was also the time for intensive work in the area of investment projects in all divisions of the Mechel Group. Today, I can state that we have managed to achieve very high results.

Our largest scale investment project is the construction of the Elga Coal Mining Complex, where we’re ahead of schedule; completed construction of the Ulak-Elga Railway Link to the 209 kilometer point.

This is the area where we have coal reloading station. This allowed us to start mining of the deposits already in early August and by this time at Elga deposit we have mined over 50,000 tonnes of coal. The coal from the Elga deposit is already being delivered to its first customers.

Today, development of the deposit infrastructure is going at full speed. The railway is planned to be fully completed till the end of the year and we will soon start construction of seasonal washing plants which will enable processing of run of mine coking coal locally at the deposit already in the second quarter of the next year.

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