Moody’s, an international credit rating agency, has upgraded corporate family rating of Metinvest B.V., the managing company of the Metinvest Group, from B3 to B2. The rating outlook is stable, according to a report on the Company’s website.

Moody’s raised Metinvest B.V.’s corporate family rating following its upgrade of Ukraine’s credit rating to В3 from Саа1. As a result, the country foreign currency bond ceiling was upgraded to B3 from B2.

Metinvest’s stable rating outlook reflects the agency’s expectations that the Group will be able to preserve strong operational and financial performance and maintain sound liquidity.

Moody’s acknowledged the Group’s efforts aiming at reducing its environmental footprint and at introducing more effective energy-saving technologies with the view to meet the best international standards.

In 2019, Metinvest invested around $384 million in environmental projects, which overtops the respective expenses in 2018 by 46%.

“Metinvest takes responsibility for the whole production chain and continues to improve the environmental footprint of its segments”, reads the Moody’s report.

According to the agency, Metinvest demonstrates a good level of public information disclosure, which makes it possible to mitigate corporate governance risks. The Group regularly publishes consolidated financial statements as well as quarterly operational reports.

Metinvest Holding LLC is the managing company of the Metinvest Group. The major shareholders of Metinvest are its co-managing companies SKM Group (71.24%) and Smart Holding (23.76%).

In 2019, the Metinvest Group boosted production of steel by 3% to 7.6 million tons against the previous year. Production of pig iron dropped by 3% to 7.9 million tons.

Moody’s, an international credit rating agency, has upgraded Ferrexpo pls’s corporate family rating from B3 to B2. The outlook has changed from positive to negative,

according to Interfax-Ukraine.

“That step follows Moody’s decision to upgrade long-term issuer’s rating and senior unsecured rating of the Ukrainian government from Саа1 to С3,” the agency explains.

The Ferrexpo Group is the largest producer and exporter of iron ore pellets among the former Soviet Union countries. Its production assets include Poltava Mining and Yeristovo Mining.

In 2019, Ferrexpo increased iron ore pellet production by 0.8% against the previous year — to 10.5 million tons. Its last year’s sales amounted to around 10.3 million tons, up from 2018 (10.2 million tons).

Ferrexpo plc holds 100% of shares in Ferrexpo AG which, in its turn, owns 100% of shares in Poltava Mining and 100% of shares in Yeristovo Mining.

Sustainalytics has conducted a comprehensive assessment of the Metinvest Group’s environmental, social and governance performance (ESG),

according to the Company’s press service.

Sustainalytics rated Metinvest’s uncontrolled ESG risks as relatively low. The Group received an overall score of 32 out of 100.

At the same time, the risk of experiencing material financial impacts driven by ESG factors was assessed as high. The agency recognized the Metinvest Group’s management of material ESG issues as strong.

Along with that, the Company was rated high for its human capital management, occupational health and industrial safety, as well as for its community relations.

“Mining and steel manufacturing have always been associated with great environmental impact and risks compared to many other industries. We believe that measuring our ESG performance will help us to better understand our strengths and weaknesses to plan further sustainable development,” says Yuriy Ryzhenkov, the Chief Executive Officer of Metinvest.

Metinvest was ranked 9th among 140 steelmakers in Sustainalytics’s rating.

As reported earlier, Metinvest Holding, the managing company of the Metinvest Group, was ranked 42nd out of 50 world’s largest steel-producing companies in 2019 according to the World Steel Association. According to the evaluation made by the Association, Metinvest Holding produced 9.58 million tons of steel in 2019.

Metinvest Holding LLC is the managing company of the Metinvest Group. The major shareholders of Metinvest are its co-managing companies SKM Group (71.24%) and Smart Holding (23.76%).