25 July 2013
Fitch affirms NLMK's investment grade credit rating
The international rating agency Fitch has affirmed NLMK credit rating at BBB-, and revised its outlook from stable to negative.
Grigory Fedorishin, NLMK Group CFO, said: “Fitch’s affirmation of the Company’s investment grade rating confirms that the agency appreciates management’s efforts to maintain financial sustainability and increase NLMK's efficiency in challenging market conditions. In the medium term, we plan to consistently alleviate our debt through strict financial discipline, a selective approach to investment, and increased operational efficiency. This year we are not planning to increase our gross debt levels; borrowed funds will be used to further improve the structure of our credit portfolio in terms of debt maturities and currency.”
NLMK is a vertically integrated steelmaking company with production facilities in Russia, Europe and the USA. The Company’s crude steel capacity is over 17 m tpa. The Company generated USD 12.2 bn in revenue and USD 1.9 bn in EBITDA in 2012. NLMK’s ordinary shares are traded on the Moscow Stock Exchange (MICEX-RTS) and its global depositary shares on the London Stock Exchange.