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MarketScreener Homepage  >  Equities  >  Moscow Micex - RTS  >  Magnitogorsk Iron & Steel Works    MAGN   RU0009084396

MAGNITOGORSK IRON & STEEL WORKS

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Public Joint Stock Magnitogorsk Iron & Steel Works : CHAIRMAN OF MMK BOARD OF DIRECTORS LETTER TO SHAREHOLDERS

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04/29/2020 | 04:28am EDT
29.04.2020

Dear shareholders,

Amid the unprecedented COVID-19 situation, which affects the entire world, MMK aims to maintain its established standards of corporate governance. This means transparency of our operations and timely updates on developments both within the Group and on our sales markets.

The COVID-19 pandemic has had a severe negative impact on every aspect of people's lives on a global scale, including production. Recently, we have seen weakening demand in key industries consuming steel, including MMK's products, such as the construction, automotive and pipe-making industries.

In this situation, the Group needs to take every measure, including financial measures, to protect the health and wellbeing of our people, their families and our communities, including our customers and suppliers.

At the same time, we are taking other decisive actions both to protect the Group's interests over the long term and to ensure additional resilience against the potential production disruption. These actions include: reducing planned 2020 capex by ca. 20%; actively managing cash flows to ensure that we are timely fulfilling our payment obligations to our suppliers and sub‐contractors; and implementing a cost-cutting programme.

We consider it prudent in these unprecedented times to defer decisions regarding an interim dividend for 2020 until the autumn (subject to the actual impact of the COVID-19 pandemic) in order to further strengthen the Group's balance sheet and liquidity.

The Board of Directors will return to discussions of the interim dividend once the crisis resolves and business activity on MMK Group's key sales markets resumes. We see the following indicators as signals of the situation and basic economy parameters returning to normal: COVID-19 situation normalises; business operations are back to normal across Russia; MMK's capacity utilisation rate is at least 70%; MMK's EBITDA margin is at least 20%.

Thank you for your understanding and continued support.

Chairman of MMK's
Board of Directors
Victor Rashnikov

Disclaimer

OAO MMK - Magnitogorskiy Metallurgicheskiy Kombinat published this content on 29 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2020 08:27:12 UTC

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Financials (USD)
Sales 2020 6 570 M - -
Net income 2020 723 M - -
Net Debt 2020 22,2 M - -
P/E ratio 2020 490x
Yield 2020 0,17%
Capitalization 420 B 5 961 M -
EV / Sales 2019
EV / Sales 2020 64,0x
Nbr of Employees 17 887
Free-Float 15,7%
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Technical analysis trends MAGNITOGORSK IRON & STEEL
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 0,65 $
Last Close Price 37,61 $
Spread / Highest target -97,8%
Spread / Average Target -98,3%
Spread / Lowest Target -98,6%
EPS Revisions
Managers
NameTitle
Pavel Vladimirovich Shilyaev Chief Executive Officer & Director
Victor Filippovich Rashnikov Chairman
Maria V. Nikulina Head-Finance Resources
Vadim N. Feoktistov Chief Information Technology Specialist
Zumrud Khandadashevna Rustamova Non-Executive Director
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