PJSC Magnitogorsk Iron and Steel Works: MMK notifies that Fitch Ratings has downgraded MMK's credit rating

MMK notifies that fitch ratings has downgraded MMk's credit rating

5 march 2022

Magnitogorsk, Russia

PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK) notifies that Fitch Ratings has downgraded MMK's long-term foreign currency and local currency issuer default ratings to 'B' from 'BBB' and placed them on Rating Watch Negative following the agency's downgrade of Russia's sovereign ratings on 2 March 2022.

The full press-release of Fitch Ratings is available at:

https://www.fitchratings.com/research/corporate-finance/fitch-downgrades-russian-commodity-companies-reflecting-increased-financial-risks-04-03-2022

About MMK

MMK is a Russian metals company. The Group's operations in Russia include a large steel-producing unit encompassing the entire production chain, from the preparation of Iron Ore to downstream processing of rolled steel. MMK turns out a broad range of steel products, with a predominant share of premium products. In 2021, MMK produced 13.6 mln tonnes of crude steel and sold 12.5 mln tonnes of commercial steel products.

Group revenue in 2021 totalled USD 11,869 mln, with an EBITDA of USD 4,290 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.09 at the end of 2021. The Group's investment-grade rating is confirmed by the leading global rating agencies Moody's and S&P.

MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 20.2%.

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