S&P confirms investment grade rating for NLMK
The agency underlines that NLMK’s ratings reflect S&P’s view on the company's superior cost position, high degree of vertical integration into low cost iron ore, and the wide diversity of its product and regional markets. However, as constraining factors, the agency sees, among others, the cyclicality of the global steel sector and the country risk associated with operating in the Russian Federation.
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NLMK is an international 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.