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”.

Investor Relations Department 
Veronika Kryachko 
tel.: +7 915-380-62-66 
E-mail: kryachko.vs@mmk.ru

ESG Department 
Yaroslava Vrubel 
tel.: +7 982-282-96-82 
E-mail: vrubel.ys@mmk.ru

Communication Department 
Dmitry Kuchumov 
tel.: +7 (499) 238-26-13 
E-mail: kuchumov.do@mmk.ru

Oleg Egorov 
tel.: +7 (499) 238-26-13 
E-mail: egorov.oa@mmk.ru