PJSC Magnitogorsk Iron and Steel Works: MMK-Lysvensky Metallurgical Plant's shift to cyclic loading

PJSC Magnitogorsk Iron and Steel Works (MMK) 
PJSC Magnitogorsk Iron and Steel Works: MMK-Lysvensky Metallurgical Plant's 
shift to cyclic loading 
 
15-Apr-2020 / 06:02 CET/CEST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                         15 April 2020 
 
                         Magnitogorsk, Russia 
 
        MMK-Lysvensky Metallurgical Plant's shift to cyclic loading 
 
 PJSC Magnitogorsk Iron & Steel Works' ("MMK", or "the Company") (MICEX-RTS: 
 MAGN; LSE: MMK), one of the world's largest steel producers, announces that 
   MMK-Lysvensky Metallurgical Plant (MMK-LMP) shifts to cyclic loading mode 
                         with positive outlook for the rest of 2020. 
 
  MMK-LMP announces that in the current absence of guaranteed demand for the 
     company's key metal products, its management has decided to switch to a 
                         cyclic loading mode. 
 
   While continuing production and shipment of orders placed by key clients, 
the company plans to carry out unscheduled preventive maintenance during the 
                         production breaks. 
 
 In accordance with MMK-LMP's forecast, based on a conservative stress test, 
the company will demonstrate positive EBITDA and positive cash flow in 2020. 
 
     MMK-LMP (part of the MMK Group) is one of the oldest enterprises in the 
Urals. MMK-LMP is the only manufacturer of electrolytically galvanised steel 
       and products with protective polymer coatings on its basis in Russia. 
      Cold-rolled products and materials of the highest quality from leading 
     manufacturers are used for the production of metal products at MMK-LMP. 
        MMK-LMP's laboratory carries out multi-stage control with subsequent 
                         certification of the finished metal products. 
 
                         About MMK 
 
     MMK is one of the world's largest steel producers and a leading Russian 
          metals company. The Company'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 
 high-value-added products. In 2019, the Company produced 12.5 mln tonnes of 
               crude steel and 11.3 mln tonnes of commercial steel products. 
 
??? is an industry leader in terms of production costs and margin. MMK Group 
 had revenue in 2019 of $7,566 mln and EBITDA of $1,797 mln. MMK's debt load 
 is the lowest for the industry. Net debt/EBITDA ratio was -0.13? at the end 
  of 2019. The Company's investment-grade rating is confirmed by the leading 
                         global rating agencies Fitch, Moody's, S&P. 
 
   MMK's ordinary shares are traded on Moscow Exchange, while its depositary 
     receipts are traded on the London Stock Exchange. Free float amounts to 
                         15.7%. 
 
                         Investor contacts 
 
Veronika Kryachko 
 
tel.: [phone] 
 
E-mail: [e-mail] 
 
                         Media contacts 
 
Dmitry Kuchumov            Oleg Egorov 
 
tel.: [phone]   tel.: [phone] 
 
E-mail: [e-mail] E-mail: [e-mail] 
 
ISIN:          US5591892048 
Category Code: MSCM 
TIDM:          MMK 
LEI Code:      253400XSJ4C01YMCXG44 
Sequence No.:  58201 
EQS News ID:   1021603 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

April 15, 2020 00:02 ET (04:02 GMT)