On February 12, Moody’s rating agency upgraded MMK’s Issuer Rating to Baa2 from Baa3 with Stable Outlook. This action followed a sovereign rating action on the government of Russia, which took place on February 8, when Moody’s upgraded Russia’s long-term issuer and senior unsecured debt ratings to Baa3 from Ba1 and changed the outlook on…
PJSC Magnitogorsk Iron & Steel Works announced that on February 8 the company’s Board of Directors recommended that the Annual General Meeting of shareholders approve a dividend of 1.398 rubles (before taxes) per share for the fourth quarter of 2018 on MMK’s issued ordinary registered shares. The dividend will represent the total of approximately $239…
Magnitogorsk Iron and Steel Works (MMK) plans capital expenditures at around $850 million in 2019, the company said in a presentation on February 7. CFO Andrei Yeryomin said in a conference call that capex included $300 million to be spent on maintenance of existing capacities, and the remaining money would be spent on upgrades of…
Magnitogorsk Iron and Steel Works (MMK) plans to keep steel output flat YoY in 2019, but it does not rule out a slight growth, CFO Andrei Yeryomin said in a conference call on February 7. “We don’t expect any growth. The amount will be close to the level of 2018. A 1% growth is possible,”…
In Q4 2018 MMK revenue decreased by 6.2% QoQ, to $1962 million. EBITDA fell by 20%, and the margin was 27.4%. Net profit totaled $245 million. In 2018 revenue increased by 8.9% YoY, to $8214 million, mostly because of the average price growth (by 8% or by $46 per ton). EBITDA went up by 19%,…
Magnitogorsk Iron and Steel Works turns 87. The birthday of the Russian metal giant is February 1, 1932, when the first pig iron was produced at the first blast furnace. In a year MMK added open-hearth manufacture and started producing steel. In August 1934 the mill-500 was commissioned. In 2018 MMK produced 12.7 million tons…
PJSC Magnitogorsk Iron and Steel Works (MMK) has launched a public tender on its online-trading platform to choose a project designer to create a sketch, design and working plan for a museum and educational complex, park area and sports cluster in the city of Magnitogorsk. The announced tender is held in the framework of Attraction,…
The Chairman of the Board of Directors of PJSC Magnitogorsk Iron and Steel Works (MMK) Victor Rashnikov said that MMK would allocate 300 million rubles to relocate residents of the housing in Magnitogorsk that were affected by the accident on December 31, 2018. MMK has already donated around 100 million rubles to the victims, as…