Russian steelmaker Novolipetsk Steel (NLMK) plans to invest around $2.1 billion in production development until 2023, the company said in a presentation on March 4. The company plans to allot $510 million to increase steel production at its Lipetsk facility by 1 million tons a year and $420 million to build a power plant. Average…
At a meeting held on March 1, the Board of Directors of NLMK Group resolved to convene NLMK’s Annual General Shareholders’ Meeting (AGM) on April 19. The Board of Directors recommended shareholders re-elect Grigory Fedorishin as NLMK Group President (Chairman of the Management Board) and CEO. The following nine members were put forward for election…
At a meeting held on March 1, NLMK Group’s Board of Directors recommended the company’s shareholders approve payment of Q4 2018 dividends of 5.80 rubles per share at the upcoming Annual General Shareholder Meeting (AGM), which would be held on April 19. This is equivalent to 100% of the company’s free cash flow based on…
NLMK Group announces the launch of its new Strategy 2022 and changes to its dividend policy. Strategy 2022 targets net gains of +$1.25 billion to EBITDA per annum, with $0.5 billion from operational efficiency programs that require no additional capex. Strategy 2022 is based on enhancing NLMK Group’s competitive advantages. Through operational efficiency initiatives and…
NLMK Group, a global steel company, will be hosting a Capital Markets Day in London on March 4. The company will present its new development Strategy 2022 and hold a Q&A session with investors. NLMK Group will be represented by Marjan Oudeman, Independent Member of the Board of Directors, Oleg Bagrin, Member of the Board…
International rating agency Moody’s has upgraded NLMK Group’s long-term credit rating from Baa3 to Вaа2 with a stable outlook (both are investment grade). The decision follows a rating action to upgrade Russia’s sovereign rating, which took place on February 8. Shamil Kurmashov, NLMK Group CFO, said: “We welcome Moody’s decision to upgrade NLMK’s rating. This…
In 2018, demand for steel continued to recover, coupled with a rise in protectionism in key markets. “In this context, NLMK Group’s flexible business model that helped it secure its presence in key sales markets, enabled the company to grow its sales by 7% YoY, or by 1.1 million tons, to 17.6 million tons, hitting…
NLMK Group has sold 100% of its stake in NLMK Accounting Center to Fletcher Group Holdings Limited for a total of 23.9 million rubles. NLMK Accounting Center will be used as a platform for setting up a single service company, NLMK Corporate Solutions Center, that will provide services to NLMK Group companies and Universal Cargo…
