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PJSC Magnitogorsk Iron and Steel Works: S&P Global upgrades MMK's sustainability rating

Source: EQS

PJSC Magnitogorsk Iron and Steel Works (MMK)
PJSC Magnitogorsk Iron and Steel Works: S&P Global upgrades MMK's sustainability rating

16-Nov-2021 / 07:58 CET/CEST
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S&P Global upgrades MMK's sustainability rating

16 november 2021

Magnitogorsk, Russia



PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, is pleased to announce that S&P Global upgraded MMK's sustainability rating by 64% on 12th November 2021.

According to the Corporate Sustainability Assessment (CSA), which was published on 12th November by the international credit rating and information agency S&P Global, PJSC Magnitogorsk Iron & Steel Works has significantly strengthened its position in terms of ESG.

The overall score assigned by S&P analysts, based on the results of the assessment of MMK's activities aimed at ensuring sustainable development, increased by 36 points, resulting in a total score of 56 (out of a possible 100).

It's clear to see that MMK's work on ESG, notably environmental protection, social policy and corporate governance, has been appreciated by the S&P CSA analysts and the score reflects that.

As a modern and responsible company, MMK is working to ensure the fullest possible disclosure of information on all aspects of sustainable development, every year it demonstrates more and more transparency in these matters. "We conduct our business in accordance with the generally accepted principles of sustainable development, which presupposes a high degree of openness of our company," said Pavel Shilyaev, CEO of PJSC MMK.

MMK's disclosure transparency is continually improving and, as can be seen from the increased scores amongst ESG agencies such as S&P, this does not go unnoticed at both national and international levels.


About MMK

MMK is one of the world's largest steel producers and a leading Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products, with a predominant share of premium products. In 2020, MMK produced 11.6 mln tonnes of crude steel and sold 10.8 mln tonnes of commercial steel products.

ММK is an industry leader in terms of production costs and margins. Group revenue in 2020 totalled USD 6,395 mln, with an EBITDA of USD 1,492 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.06х at the end of 2020. The Group's investment-grade rating is confirmed by the leading global rating agencies Fitch, Moody's and S&P.

MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 20.2%.

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ISIN: US5591892048
Category Code: MSCM
LEI Code: 253400XSJ4C01YMCXG44
Sequence No.: 126873
EQS News ID: 1249253

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