Fitch Ratings affirmed MMK’s Long-Term IDR at ‘BBB’ with stable outlook

PJSC Magnitogorsk Iron & Steel Works ('MMK', or 'the Group') (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, is pleased to announce that Fitch Ratings has affirmed MMK's Long-Term Issuer Default Rating (IDR) at 'BBB' with stable outlook.

Fitch commented in a press release: 'The rating affirmation reflects the proven resilience of MMK's business profile during the pandemic. Its global cost leadership and strong competitive position on the domestic and export markets have allowed the steel group to maintain high utilisation rates and reduce earnings volatility'.

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