International rating agency S&P has improved the outlook for the ratings of Russian steelmaker Novolipetsk Steel (NLMK) and Magnitogorsk Iron and Steel Works (MMK) to Positive from Stable, the agency said in a statement. The ratings were affirmed at BBB-. (Prime/Ukrainian metal)
Magnitogorsk Iron and Steel Works (MMK) has appointed Veronika Kryachko as Head of Investor Relations. Veronika Kryachko brings with her years of experience in the metals, raw materials and financial sectors. Prior to taking up her current job, she held senior positions in investor relations, corporate development and M&A at companies including Uralkali, Rusal and…
Magnitogorsk Iron and Steel Works (MMK), together with Deloitte, has produced a list of MMK’s future digital transformation projects, to be completed by 2025. A thorough selection process resulted in a list of 110 projects in 18 areas of the company’s core business. These will form the basis of MMK’s overall digitalization strategy. MMK’s readiness…
Magnitogorsk Iron and Steel Works (MMK) expects its steel product output growth at 2-3% in 2020, Director for Economy Andrei Yeryomin announced during an investor day. He said that production could decrease in January–June 2020 due to seasonal factors and repairs on the hot rolling mill. Yeryomin also said that MMK could improve the outlook…
Implementation of Magnitogorsk Iron and Steel Works’ (MMK) investment strategy from 2015-2025 should add $686 million to the company’s EBITDA per year. This was announced by MMK’s top management team at the company’s Capital Markets Day held in London on November 15. At the event, MMK’s Chairman of the Board of Directors Viсtor Rashnikov, CEO…
On November 13 the Board of Directors of MMK approved a new version of the company’s dividend policy. In line with the new dividend policy, the Board of Directors of MMK will now be guided by the following established principles when making recommendations on dividend payments: – Тhe amount allocated for dividend payments will usually…
Another plant to produce high-strength steel wire will be constructed in the MMK industrial park. MMK, MMK-Metiz, MMK-Industrial Park and Terwingo LLC have signed an agreement on cooperation. The agreement presupposes the joint work to create the manufacture of wire products. Investments in the project are estimated at 8 billion rubles. The new manufacture is…
This year MMK intends to increase sales on domestic market by 5% YoY, to 8.1 million tons. Despite the drop of prices, the Russian market has demonstrated a better price dynamics compared with foreign markets. “Due to the dynamic demand growth and drop of imports, the balance of demand and supply has improved on the…
