Fitch affirms Metalloinvest rating at 'BB+' with a stable outlook
Moscow, Russia - 16 July 2020 - Metalloinvest ("the Company") today announces that Fitch Ratings ("Fitch") has affirmed the Company's corporate rating at "BB+" with a stable outlook.
According to Fitch statement, rating upgrade reflects the Company's continually strong operational profile with competitive cost position (1st quartile of global cash cost curve for pellets and long steel), comfortable net debt level, solid liquidity cushion, robust financial flexibility and transparent financial policy. Fitch analysts also highlighted that OEMK plant is the most efficient steelmaking site in Russia from the perspective of Scope 1 carbon dioxide emissions per ton of steel produced.
At the same time, Fitch has affirmed the senior unsecured ratings assigned to the notes issued by Metalloinvest Finance D.A.C. at "BB+".
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Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers.
Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%).