Contents:

Investment considerations

Industry fundamentals and
business prospects

Руководство и корпоративное
governance

Production and sales geography.
Organisational structure

Financial performance

Peer comparison

Sustainable
competitive advantages

Strong financial performance

  • 30%–35% EBITDA margin
  • Healthy leverage ratios

Stable credit ratings

  • S&P "stable”,", BB
  • Fitch "stable”,", BB
  • Dagong "stable”,", BBB+
  • RAEX "stable”,", ruAA-

Strong market position

  • Iron ore concentrate with an iron content exceeding 70%
  • Pellets with an iron content of 65- 67%
  • HBI, SBQ
  • 75% share of the steel market for
    bridge construction in Russia

Resilience in a changing environment

  • Well-diversified product portfolio
  • RUB-denominated production costs
  • High share of exports in total revenues

Unique reserve base

  • Reserves (14.1 billion tonnes with 140 years of reserve life, setting a Guinness World Record)
  • Infrastructure (nuclear power stations, gas grids, railways, ports)
  • Geography of operations
  • Infrastructure availability

Robust, quality-focused business model

  • Ore processing depth – 75%
  • Production of premium, high-margin products
  • Own R&D facilities

Experienced and motivated team

Focus on sustainability

Transparency of disclosure

Multilevel risk management