NLMK Indiana and NLMK Pennsylvania (hereinafter - NLMK USA), companies of the American division of NLMK Group, signed an amicable agreement with the US government in a lawsuit challenging the refusal of the US Department of Commerce to satisfy the requirements to exclude slabs from the measures under Article 232 of the law USA "On Expanding Trade."
The suit was filed on February 27 in the US Court of International Trade. It concerned 86 NLMK USA filings to exclude steel slabs, filed in 2018. The US Department of Commerce denied an exemption based on objections from other US steel companies who said they could supply products required by NLMK US. NLMK USA insisted on the opposite - American manufacturers do not produce products in the required quality and quantity.
In the settlement agreement, the US government did not recognize the wrongfulness of the actions, but agreed to reimburse NLMK USA for a significant part of the tariffs paid, including accrued interest.
NLMK Group operates three factories in the United States in Indiana and Pennsylvania. The company has invested more than $ 800 million in these assets and has provided employment for more than 1.1 thousand people. The production capacity of the assets is 0.8 million tonnes of steel and 2.9 million tonnes of rolled metal.
Information about NLMK Group
NLMK Group is a vertically integrated metallurgical the company, the largest in Russia and one of the world's most efficient manufacturers of steel products.
NLMK Group's metal products are used in various industries, from construction and mechanical engineering to power equipment and offshore wind turbines.
NLMK's production assets are located in Russia, Europe and the United States. The company's steel production capacity exceeds 17 million tonnes per year.
NLMK demonstrates high cost competitiveness among global manufacturers, and the company's profitability is one of the highest in the industry. The company's revenue for 2019 was $ 10.6 billion, EBITDA - $ 2.6 billion. The Net Debt /EBITDA ratio was 0.7x. The company has investment grade credit ratings from S&P, Moody's, Fitch and RAEX (Expert RA).
NLMK's common shares, which have free-float of 18.6%, are traded on the Moscow Stock Exchange (ticker “NLMK”), global depository shares - on the London Stock Exchange (ticker “NLMK: LI”). The share capital of the Company is divided into 5,993,227,240 ordinary shares with a par value of 1 Russian ruble. More information about NLMK's share capital can be found here.
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