Stoilensky continues conveyor gallery repairs
Stoilensky Mining and Beneficiation Plant, an NLMK Group company, continues to perform repairs on an ore transportation conveyor gallery that collapsed on September 7, 2020. According to preliminary estimates, repair works will continue until September 23, meaning that it will take a total of 15 days to repair the gallery.
At present, the metal structures are being disassembled. More than 200 Stoilensky, NLMK and contractor employees are engaged on the construction site. Works are being performed around the clock. Alongside the disassembly works, the company is taking receipt of materials needed for repair works, including cable products, metal structures, and components. Top-assembly of the metal structures will soon begin.
During the forced shutdown, scheduled repairs at other production areas were postponed, including pelletizer overhaul works planned for October. Optimization of repairs will help reduce concentrate production losses in 2020 and boost production volumes in 2021.
The iron ore needs of NLMK Lipetsk, the main consumer of Stoilensky products, will be covered by the company’s own stock and external supplies during the repair period. The incident will not impact NLMK Lipetsk steel and rolled product output.
One Stoilensky employee and an employee of a contractor organization injured during the collapse are in satisfactory condition on sick leave at home.
About NLMK Group
NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world.
NLMK Group’s steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore wind turbines.
NLMK operates production facilities in Russia, Europe and the United States. The Company’s steel production capacity exceeds 17 million tonnes per year.
NLMK has a highly competitive competitive cash cost among global manufacturers and one of the highest profitability levels in the industry. In 12M 2019, the Company generated $10.6 bn in revenue and $2.6 bn in EBITDA. Net debt/EBITDA stood at 0.7х. The Company has investment grade credit ratings from S&P, Moody’s, Fitch, and RAEX (Expert RA).
NLMK’s ordinary shares with a 18.6% free-float are traded on the Moscow Stock Exchange (ticker "NLMK") and its global depositary shares are traded on the London Stock Exchange (ticker "NLMK:LI"). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUB1. For more details on NLMK shareholder capital, please follow the link.
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