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 its Trading Update for Q4 and 12M 2020.

COVID-19 RESPONSE

The COVID-19 response centre established at MMK and led by the CEO has continued to operate. In line with all the measures introduced in spring, office employees work remotely, the number of personnel at production sites is reduced, and shifts are separated by pauses.

The Group continuously monitors the situation and takes all necessary steps to prevent the spread and reduce the risk of coronavirus infection.

OUTLOOK

The stable demand in the domestic and international markets will support sales in Q1 2021. The premium product capacity utilisation rate will remain at 100%.

The major increase in metallurgical raw material prices and positive dynamics of global prices for metal products will support the growth of prices for MMK Group's metal products in Q1 2021.

CAPEX for Q1 2021 is expected to grow q-o-q, in line with the implementation schedule for projects pursued under the Group's strategy.

Operational excellence initiatives under the updated strategic initiatives will further boost the Group's profitability in Q1 2021.

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 high-value-added products. In 2019, MMK produced 12.5 mln tonnes of crude steel and 11.3 mln tonnes of commercial steel products.

MMK is an industry leader in terms of production costs and margins. Group revenue in 2019 totalled USD 7,566 mln, with an EBITDA of USD 1,797 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA ratio was -0.13 at the end of 2019. 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 15.7%.

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Contact:

Veronika Kryachko

Tel: +7 915 380 6266

Email: kryachko.vs@mmk.ru

(C) 2021 Electronic News Publishing, source ENP Newswire