1 Apr 2021 09:54
PJSC Magnitogorsk Iron and Steel Works (MMK) PJSC Magnitogorsk Iron and Steel Works: 01-Apr-2021 / 10:54 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
| Fitch ratings Affirmed MMK's Long-term IDR at 'bbb' with stable outlook 01 april 2021 Magnitogorsk, Russia | PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, is pleased to announce that Fitch Ratings has affirmed MMK's Long-Term Issuer Default Rating (IDR) at 'BBB' with stable outlook. Fitch commented in a press release: "The rating affirmation reflects the proven resilience of MMK's business profile during the pandemic. Its global cost leadership and strong competitive position on the domestic and export markets have allowed the steel group to maintain high utilisation rates and reduce earnings volatility". |
| About MMK MMK is one of the world's largest steel producers and a leading Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products, with a predominant share of premium products. In 2020, MMK produced 11.6 mln tonnes of crude steel and sold 10.8 mln tonnes of commercial steel products. ММК is an industry leader in terms of production costs and margins. Group revenue in 2020 totalled USD 6,395 mln, with an EBITDA of USD 1,492 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.06х at the end of 2020. The Group's investment-grade rating is confirmed by the leading global rating agencies Fitch, Moody's and S&P. MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 15.7%. | Subscribe to our official MMK channel in Telegram, to be the first to know about key MMK news. |
| Investor Relations Department Veronika Kryachko+7 (915) 380-62-66 kryachko.vs@mmk.ru ESG DEPARTMENT Yaroslava Vrubel +7 982 282 9682vrubel.ys@mmk.ru Communications Department Dmitriy Kuchumov +7 (499) 238-26-13 kuchumov.do@mmk.ru Oleg Egorov+7 (499) 238-26-13 egorov.oa@mmk.ru | | KEY UPCOMING EVENTS IN 2021 Financial calendar | | 13-14 April | Wood EM Energy & Commodities Virtual Conference | | 14 April | Q1 2021 trading update | | 21 April | MMK Q1 2021 financial results under IFRS publication and conference call |
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| ISIN: | US5591892048 |
| Category Code: | MSCM |
| TIDM: | MMK |
| LEI Code: | 253400XSJ4C01YMCXG44 |
| Sequence No.: | 96767 |
| EQS News ID: | 1180446 |
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| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
MMK.L (MMK)