London Stock Exchange welcomes Magnitogorsk Iron & Steel Works (MMK) to celebrate its 10th listing anniversary
The management team of Magnitogorsk Iron & Steel Works (MMK) today got the day’s trading underway at the London Stock Exchange with a special market open ceremony to celebrate 10 years since the company’s IPO.
The MMK delegation was led by Chairman of the Board of Directors Victor Rashnikov, and also included CEO Pavel Shilyaev and Director for Economics Andrei Eremin.
One of the world’s biggest steelmakers, MMK listed its GDRs on the London Stock Exchange in April 2007, raising a billion dollars in new capital to help fund investments in new production facilities and green technologies.
Victor Rashnikov, Chairman of the Board of Directors of MMK, said:
“We are honoured to be opening the market today, and delighted also to be holding our investor day at the London Stock Exchange. Our IPO 10 years ago played a crucial role in enabling us to invest in upgrading our production facilities and bringing in new technologies to reduce our environmental footprint. Our partnership with the London Stock Exchange is a strong one, and we look forward to many more years of working together.”
The company today also held a Capital Markets Day for investors and analysts at the London Stock Exchange.
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 complex 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 2016, the company produced 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2016 of USD 5,630 million and EBITDA of USD 1,956 million.