Russia: Belon suing MMK for $160 million

The minority shareholders of Belon demand MMK, owning over 95% in the company, to buy coal assets and not reorganize them. They also estimate the company losses at 10.7 billion rubles ($160 million). The reorganization was carried out in 2015-2017. The minority shareholders, who have filed the claim, hold 1.3% in Belon. MMK entered the…

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Russia: Standard&Poor’s assigns MMK “BBB-” rating, Outlook Stable

On December 10 rating agency S&P Global Ratings assigned the PJSC Magnitogorsk Iron & Steel Works’ (MMK) “BBB-/A-3” long- and short-term issuer credit ratings with Stable Outlook. In a press release S&P notes that its assessment of MMK’s creditworthiness incorporates MMK’s low-cost production profile, strong operating efficiency, significant share of high value-added products in sales,…

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