7 December 2015
Moody's improves NLMK rating outlook to stable
International rating agency Moody’s has changed its outlook on NLMK Group’s corporate rating from negative to stable (Ba1). This rating action follows Moody's change of outlook on Russia's sovereign rating.
Mr. Grigory Fedorishin, NLMK CFO, said:
“Moody’s rating action took into account NLMK’s strong operating and financial performance; stable market positions and significant liquidity. One of the factors that constrains NLMK’s rating is Russia’s sovereign rating. In the latest NLMK’s rating is in line with Russia’s sovereign rating.
“This stabilization of NLMK Group’s credit rating outlook is a positive signal to the investment community confirming the sustainability of the Company’s business model and performance in a volatile market.”
About NLMK Group
NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world. NLMK’s metal products are used in various industries, from construction and engineering to the manufacture of power-generating equipment and offshore wind turbines.
NLMK's production assets are located in Russia, Europe, and the United States. The Company’s liquid steel production capacity is over 17 million tonnes per year, of which about 16 million tonnes are produced in Russia.
NLMK has the most competitive cash cost among global manufacturers; and one of the highest profitability levels in the sector. The company generated $6.4 billion in revenue; $1.6 billion in EBITDA; and a net profit of 891 million in 9M 2015.
NLMK’s ordinary shares are traded on the Moscow Stock Exchange (ticker symbol: NLMK), and its global depositary shares are traded on the London Stock Exchange (ticker symbol: NLMK:LI).