PJSC Magnitogorsk Iron & Steel Works' ('MMK', or 'the Company') (MICEX-RTS: MAGN; LSE: MMK), one of the world's largest steel producers, announces that MMK-Lysvensky Metallurgical Plant (MMK-LMP) shifts to cyclic loading mode with positive outlook for the rest of 2020.
MMK-LMP announces that in the current absence of guaranteed demand for the company's key metal products, its management has decided to switch to a cyclic loading mode.
While continuing production and shipment of orders placed by key clients, the company plans to carry out unscheduled preventive maintenance during the production breaks.
In accordance with MMK-LMP's forecast, based on a conservative stress test, the company will demonstrate positive EBITDA and positive cash flow in 2020.
MMK-LMP (part of the MMK Group) is one of the oldest enterprises in the Urals. MMK-LMP is the only manufacturer of electrolytically galvanised steel and products with protective polymer coatings on its basis in Russia. Cold-rolled products and materials of the highest quality from leading manufacturers are used for the production of metal products at MMK-LMP. MMK-LMP's laboratory carries out multi-stage control with subsequent certification of the finished metal products.
MMK is one of the world's largest steel producers and a leading Russian metals company. The Company'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, the Company produced 12.5 mln tonnes of crude steel and 11.3 mln tonnes of commercial steel products.
MMK's ordinary shares are traded on Moscow Exchange, while its depositary receipts are traded on the London Stock Exchange. Free float amounts to 15.7%.
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