PJSC Magnitogorsk Iron and Steel Works: MMK announces its position regarding the decision of the Russian Federal Antimonopoly Service

DJ PJSC Magnitogorsk Iron and Steel Works: MMK announces its position regarding the decision of the Russian Federal Antimonopoly Service

PJSC Magnitogorsk Iron and Steel Works (MMK) PJSC Magnitogorsk Iron and Steel Works: MMK announces its position regarding the decision of the Russian Federal Antimonopoly Service 11-Feb-2022 / 08:00 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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PJSC Magnitogorsk Iron & Steel Works ("MMK", or "the Group") (MOEX: MAGN; LSE: MMK), one of the 
            world's largest steel producers, announces its position regarding the decision of the Russian 
            Federal Antimonopoly Service in the anti-trust violation case. 
            MMK disagrees with the final findings of the Federal Antimonopoly Service (FAS) commission and 
MMK announces     its relevant decision finding the Group to be in violation of anti-trust law (Clause 1, Part 1, 
            Article 10 of the Federal Law On Protection of Competition). 
its position regarding 
the decision of the  MMK believes that, despite the Group's objections to the FAS ruling on the circumstances of the 
russian federal    case and the explanations and economic evidence provided in writing by the Group previously, the 
antimonopoly service  FAS has come to the wrong conclusion that MMK is in violation of anti-trust law. MMK views the 
            findings made by the FAS as standing in contradiction to the evidence in the case and in 
            disregard of the actual operating context of the hot-rolled flat products market. 
11 february 2022    MMK notes that throughout the FAS proceedings in the case, the Group has consistently been 
            proactive, continuing to this day to provide compelling and exhaustive evidence that MMK does 
Magnitogorsk, Russia  not dominate the flat-rolled products market. MMK has repeatedly and reasonably stated in its 
            due responses to relevant enquiries from the FAS commission that its pricing complies with the 
            requirements of anti-trust laws. MMK representatives have also repeatedly emphasised that the 
            hot-rolled flat products market is cyclical in nature and prone to price volatility, something 
            confirmed by the market changes over 2021. Shaped by intense competition, rolled steel prices 
            depend on the market environment and on the global market situation. 
            MMK will study the FAS decision in detail and will continue to defend its rights and interests 
            in line with legislation, asserting its position that its pricing is economically justified 
            along with MMK's commitment to fair competition. 
About MMK 
MMK is one of the world's largest steel producers and a leading 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 Subscribe to our official MMK 
tonnes of commercial steel products.                           channel in Telegram, to be 
                                             the first to know about key 
??K is an industry leader in terms of production costs and margins. Group revenue in 2020 MMK news. 
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 Fitch, 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%. 
 
 
Investor Relations Department 
Veronika Kryachko       KEY UPCOMING EVENTS IN 2022 
[phone] 
[e-mail]      Financial calendar 
 
ESG DEPARTMENT        9-11 February VTB Capital investment forum 'RUSSIA CALLING!', online 
Yaroslava Vrubel       28 February  Q4 and 12M 2021 Trading Update 
[phone] 
[e-mail]       28 February  Q4 and 12M 2021 IFRS financials 
               3-4 March   Non-deal roadshow (NDR), online Dmitriy Kuchumov [phone] [e-mail] Oleg Egorov [phone] [e-mail] 

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ISIN:     US5591892048 
Category Code: MSCM 
TIDM:     MMK 
LEI Code:   253400XSJ4C01YMCXG44 
Sequence No.: 142369 
EQS News ID:  1279423 
 
End of Announcement EQS News Service 
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February 11, 2022 02:00 ET (07:00 GMT)