Standard & Poor's Global Ratings changed the Outlook on MMK's rating to "positive"
Standard & Poor's Global Ratings changed the Outlook on MMK's rating to "positive"
Pozitivni Outlook reflects the Company's commitment to weighted financial policy, characterized by one of the lowest debt loads in the Russian metallurgical sector, stringent investment approach and a conservative dividend policy.
In its press release, S&P noted:
"the Positive Outlook indicates the possibility of increasing the rating if the Company will continue to demonstrate its commitment to conservative financial policies, preserving the metric FFO/Debt above 60% throughout the cycle."
Information about MMK
PAO "MMK" is one of the world's largest steel producers and holds a leading position among the enterprises of ferrous metallurgy of Russia. The company's assets in Russia include a large metallurgical complex with full production cycle from preparation of iron ore raw materials and finishing deep processing of ferrous metals. MMK produces a broad range of steel products with a predominant share of products with high added value. In 2018, the Company produced 12.7 million tonnes and 11.7 million tonnes of commercial steel products.
MMK is one of the industry leaders in production costs and profitability. The MMK Group's revenue in 2018 amounted to 8,214 billion, EBITDA 2,418 billion. MMK's debt burden is the lowest in the industry. The ratio of Net Debt/EBITDA by the end of 2018 is -0,08 H. Investment rating of the company is confirmed by leading world rating agencies: Fitch, Moody's, S&P.
Common stock of CMI is listed on the Moscow Stock exchange and the Depositary receipts of the Company are traded on the London Stock Exchange. The proportion of shares in free float is 15.7%.
Service investor relations
Kryachko Veronica
tel: +7 (3519) 25-75-01
E-mail: kryachko.vs@mmk.ru
communications
Dmitry Kuchumov
tel: +7 (499) 238-26-13
E-mail: kuchumov.do@mmk.ru