PJSC Magnitogorsk Iron and Steel Works: MMK notifies that S&P Global Ratings has withdrawn MMK's credit rating

MMK notifies that S&P Global ratings has withdrawn MMk's credit rating

6 april 2022

Magnitogorsk, Russia

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK) notifies that S&P Global Ratings has withdrawn MMK's credit rating.

S&P Global Ratings commented in its press release that the withdrawal of the rating followed the EU's decision to ban the provision of credit ratings to legal persons, entities, and bodies established in Russia.

About MMK

PJSC Magnitogorsk Iron and Steel Works (the Group, MMK) is one of the world's largest steel producers, holding a leading position among Russian steel companies. The Group's assets include a large steelmaking complex with a full production cycle, from preparation of iron ore to production of downstream products. MMK manufactures a wide range of steel products with a predominant share of premium products. In 2021, MMK produced 13.6 mln tonnes of crude steel and sold 12.5 mln tonnes of commercial steel products.

Group revenue in 2021 totalled USD 11,869 mln, with an EBITDA of USD 4,290 mln. MMK boasts the industry's lowest debt burden with the net debt/EBITDA ratio of -0.09х at the end of 2021.

MMK's ordinary shares and depositary receipts are traded on the Moscow Exchange and the London Stock Exchange respectively. Free float amounts to 20.2%.

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