Russia: Rostechnadzor closes ZSMK

On March 27-29 the Siberian department of the Federal Service on Ecological, Technological and Nuclear Surveillance (Rostechnadzor) carried out an unscheduled inspection of the Zapadno-Sibirksy Iron and Steel Works. The reason for the inspection was a fatal accident at the plant on March 16. As a result of the inspection 19 violations of the industrial…

Russia: Fitch Ratings upgrades MMK to BBB

On April 8, the rating agency Fitch Ratings upgraded company’s Long-Term Issuer Default Rating to BBB from BBB- with Stable Outlook. In its press release Fitch Ratings notes that the rating upgrade reflects MMK’s ability to maintain a conservative financial profile during market turbulence due to the company’s low cost of operations, focus on high-value…

Russia: Fitch raises Severstal rating to BBB, outlook stable

International rating agency Fitch Ratings has upgraded the long-term issuer default rating of the Russian steelmaker Severstal to BBB from BBB-, with a stable outlook. “The rating upgrade reflects Severstal’s tested conservative financial policy during the supply-driven steel price turbulence in 2016-2017 and increasing protectionism since 2018. Its strong financial profile has been driven by…