5 February 2013
Moody’s affirms investment grade rating (Baa3) with stable outlook for NLMK
05 February 2013, Moscow. NLMK (LSE: NLMK), a leading global steel company, announces that Moody’s Investors Service has today affirmed NLMK’s Baa3 issuer rating with stable outlook.
In its today’s report, the agency underscored that this decision reflects the global scale of the group’s operations, its self-sufficiency in low-cost iron ore, its low costs for steel production and high capacity utilisation. Moody’s noted that NLMK’s operating performance was much stronger during 2012 compared with 2011 as a result of the ramp-up of the group’s new production capacity. The stable outlook on the rating reflects, among other factors, the company’s robust credit metrics, strong liquidity profile and conservative financial policy.
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NLMK is an internatinal vertically-integrated steelmaking company with production facilities located in Russia, Europe and the US. The crude steel capacity of its operating units exceeds 15 mtpa. The Company generated $11.7 billion of revenues, and a 19.5% EBITDA margin in 2011. The Company’s ordinary shares and GDSs are traded on the MICEX-RTS and LSE, respectively.