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PUBLIC JOINT STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS

(MAGN)
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Public Joint Stock Magnitogorsk Iron & Steel Works : MMK'S SOCIAL PROJECTS RATED AMONG BEST IN RUSSIA

10/13/2021 | 07:22am EST

Russia's Institute of Strategic Communications and Social Projects published the "Social responsibility rating of major Russian PJSC - 2021", assessing the effectiveness of social projects of large businesses in the country. Magnitogorsk Iron & Steel Works demonstrated the best results among ferrous metallurgy companies.

The company was especially commended for its aid to the city of Magnitogorsk during the heat of the coronavirus pandemic: MMK got top scores for "social projects effectiveness" in the first year of the pandemic (April 2020 - April 2021). A high score indicates "the company's efforts were lauded by the media and the population and were therefore the most useful", as the rating's authors note. The final rating reflects the effectiveness of social projects over the past three years, and MMK ranked in the top-10 (out of 50 participating companies) with a score of 19.1. This is the best result among ferrous metallurgy companies.

MMK ramped up its efforts during the pandemic lockdowns in Magnitogorsk to help the city's population. In April 2020 the company allocated more than RUB 530 million to finance safety measures and aid some of the most financially disadvantaged citizens. "We understand and accept our responsibility for the health of our employees and that of the population of the regions where our company is present," said Viktor Rashnikov, Chairman of MMK's Board of Directors.

MMK also initiated and organized the We Are Together charity programme to support senior citizens who live alone and low-income citizens - delivering food, safety kits and other goods. The company allocated some RUB 167 million for these purposes, and RUB 360 million in additional funds for healthcare and social events around Magnitogorsk. In total, MMK Group spent some RUB 2.9 billion on charity and social programmes, and another RUB 1.2 billion in H1 2021. The company believes that all social responsibility initiatives are first and foremost investment in sustainable development and the future of MMK, Magnitogorsk and the Urals region as a whole.

Disclaimer

OAO MMK - Magnitogorskiy Metallurgicheskiy Kombinat published this content on 13 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2021 11:21:03 UTC.


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Financials (USD)
Sales 2021 11 652 M - -
Net income 2021 3 244 M - -
Net cash 2021 958 M - -
P/E ratio 2021 2,87x
Yield 2021 26,3%
Capitalization 9 458 M 9 445 M -
EV / Sales 2021 0,73x
EV / Sales 2022 0,90x
Nbr of Employees 17 887
Free-Float 18,7%
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Number of Analysts 4
Last Close Price 0,85 $
Average target price 1,21 $
Spread / Average Target 42,6%
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Managers and Directors
Pavel Vladimirovich Shilyaev Chief Executive Officer & Director
Maria V. Nikulina Head-Finance Resources
Victor Filippovich Rashnikov Chairman
Vadim N. Feoktistov Chief Information Technology Specialist
Valeriy Yaroslavovich Martsinovich Independent Director
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