PJSC Magnitogorsk Iron and Steel Works (MOEX: MAGN) announces that the Analytical Credit Rating Agency (ACRA) has affirmed MMK’s credit rating of AA+ (RU) with a stable outlook.

MMK’s credit rating takes into account its strong market position and high marks for its business profile, owing to its diversified product portfolio, as well as the Company’s leading position in the premium product segment, which accounts for a significant part of its sales mix.

Based on its assessment of MMK, ACRA noted: “The Company’s high level of corporate governance is reflected in its consistency in implementing its strategy to modernise production, to improve its environmental performance in accordance with the ESG principles in place, to strengthen its vertical integration in terms of ensuring the supply of iron ore, to improve its energy efficiency and to reduce its production costs.”

The stable outlook suggests with a high degree of probability that the rating will remain unchanged for 12–18 months.

ACRA assigned MMK’s credit rating according to the national scale for the Russian Federation on the basis of its own methodology for assigning credit ratings to non-financial companies.

The full text of the release can be found at https://www.acra-ratings.ru/press-releases/4290/.