Investment case

A LEADING RUSSIAN STEEL PRODUCER
In a world in which progress relies heavily on the supply of quality steel products, MMK presents unrivalled potential for sustainable growth in the steel sector. Building on its long-established heritage, the Company is able to benefit from a wealth of opportunities by making the most of its geographical and geological advantages to produce world-leading steel products.

OUR INVESTMENT CASE

Unique factors

Unique market exposure

>

80

%

of products are sold at the domestic market

>

45

%

of annual steel consumption in Russia is concentrated in MMK's main supply regions

Unique high-quality product portfolio

42

%

of products sold are premium products

ММК is best positioned for potential upside as a result of the implementation of the National Projects initiative

When domestic steel volumes rise by 10%, EBITDA increases by 27%; when domestic steel prices rise by 10%, EBITDA increases by 9%

Unparalleled access to raw material base

The forecasted cooling of iron ore prices should support better MMK earnings momentum vs peers in the mid-term

Rare factors

One of the highest TSR

129

%

MMK is one of the leaders among Russian and world steel companies, with a 129% TSR generated over the past five years (2017 – 2021)

Lowest debt burden

Strongest balance sheet in the sector

Common factors

Prudent capital allocation

>

20

%

Investment projects IRR

100

%

Free cash flow dividend payout

Low cost profile

1st quartile

on the global cost curve

Reports
and results

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IFRS financial statements
pdf
278.4 Kb
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Operating result
pdf
309.1 Kb
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Annual report
pdf
14.3 Mb

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