At a meeting held on 13 February 2018, NLMK’s Board of Directors considered the nomination for the position of the Company president (CEO) (Chairman of the Management Board) submitted by its majority shareholder. Grigory Fedorishin, who currently holds the position of Senior Vice President of NLMK, was approved as the top candidate to be voted on at the Extraordinary General Meeting of Shareholders. The Board of Directors also resolved to elect Oleg Bagrin as Chairman of the Strategic Planning Committee of NLMK’s Board of Directors.
NLMK Group has begun hot testing of its new turbine generator unit No. 5 at its Cogeneration Plant in Lipetsk. Once commissioned the new generator, which has a capacity of 60MW, will improve the reliability of the energy supply, reduce energy procurement costs by 3% and increase the share of in-house power generation from 53% to 59% of total energy consumption.
International rating agency Moody’s has upgraded the long-term credit rating of NLMK Group, an international steel company with operations in Russia, the United States, and the European Union, from Ba1 to investment grade Вaa3, with a positive outlook.
In 2017, NLMK Group steel output increased by 3% yoy to 17.1 m t. Group steelmaking capacities were running at 98%. NLMK Group sales in 2017 grew to 16.5 m t, which is 3% higher than in 2016.