I Bytes Resources industry

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I-Bytes
Resources
November Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................31
3. Rewards and Recognition Updates...................................................................................................................37
4. Customer Success Updates................................................................................................................................54
5. Partnership Ecosystem Updates.......................................................................................................................59
6. Environment & Social Updates........................................................................................................................74
7. Miscellaneous Updates......................................................................................................................................75

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Financial, M & A
Updates Resources Industry

Financial, M&A Updates
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ALROSA (Russia) Q3 & 9M 2020 operating results
• Q3 ore and gravels output went down to 4.7 mt vs 9.8 mt in Q2 (Q3 2019: 8.8 mt) following the COVID-19-related measures. As a result, ore and gravels inventories dropped
by 21% q-o-q to 25.8 mt.
• Q3 ore and gravels processing rose 57% q-o-q (down 33% y-o-y) to 11.5 mt due to the relaunch of a number of processing plants after the suspension of operations in Q2, as
well as the seasonal production growth at alluvial deposits. The 24% y-o-y decline resulted from crisis response measures taken in 2020. 9M volumes were at 24.8 mt (down 27%).
• Q3 diamond production grew by 62% q-o-q to 9.2 m cts on higher utilization rates at processing facilities. 9M production was down by 23% to 22.9 m cts.
• Q3 diamond grade improved by 4% q-o-q to 0.8 cpt. 9M diamond grade rose by 6% to 0.93 cpt as a result of discontinued operations at less profitable assets.
• Sales: due to a decrease in inventory of end products at cutters and polishers, as well as at retailers as demand for diamond jewelry gradually recovered, the demand for rough
diamonds has been improving since August. Q3 diamond sales saw an 8x increase q-o-q reaching 5 m cts, including 4.1 m cts of gem-quality diamonds. 9M sales declined 40% to
15.1 m cts.
• Diamond inventories as at the end of Q3 grew 16% q-o-q to 30.6 m cts.
• Q3 average realised price for gem-quality diamonds totalled $133/ct (down 34% q-o-q and 2% y-o-y) due to normalised sales mix as sales volumes increased. 9M prices were
1% up at $129/ct.
• Q3 diamond price index declined by 7% q-o-q, YTD the index was down 13%.
• Proceeds from rough and polished diamond sales in Q3 came in at $589 m (a 6.8x increase q-o-q and down 4% y-o-y), including $553 m in revenue from rough diamond sales
and $36 m in revenue from polished diamond sales. Sales for 9M totalled $1,580 m (down 35%).
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ALROSA (Russia) sells large rough diamonds in Dubai for $8.7 mln
ALROSA held an auction for special size rough diamonds in
Dubai. This is the first auction organized by the company in the
UAE, since the beginning of the pandemic. The company sold
167 rough diamonds with a total weight of 2,479 carats, earning
$8.7 million. Clients from the UAE, Belgium, Israel, India,
Russia and the US (33 companies in total) bought the goods.In
March 2020, ALROSA suspended auctions due to the Covid-19
pandemic. Customers participated in online auctions with detailed
digital copies of each rough diamond provided for review and
detailed analysis. In May, the company started the return to the
usual format by organizing auctions in its trading offices in
Belgium and Israel.
Executive Commentary
“We are pleased to announce that our Dubai office is hosting
auctions again. Customers from six countries visited us there
to view the rough diamonds. The auction generated good
results, 93% of the diamonds presented at the auction were
sold," said Deputy CEO of ALROSA.
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ALROSA Group’s (Russia) Q3 and 9M 2020 IFRS results
• In Q3, revenue increased 5x q-o-q to RUB 49.7 bn (up 9% y-o-y) due to demand recovery following a
significant drop in diamond supply in Q2 amid the pandemic.
• EBITDA1 in Q3 reached RUB 25.7 bn (vs Q2’20: RUB 117 m) on the back of sales rebound and cost
control initiatives, while also increasing by 22% compared to Q3 2019.
• EBITDA margin in Q3 expanded to 52% (Q3’19: 46%).
• Net profit in Q3 grew to RUB 7.6 bn driven by a top line growth despite a negative impact from the FX rate
(- RUB 10 bn).
• Free cash flow (FCF) in Q3 grew to RUB 22.6 bn compared to a negative FCF of RUB 30 bn in Q2 (up RUB
20.1 bn y-o-y) due to an increase in operating cash flow to RUB 28 bn. Capex was RUB 5.4 bn (up 19% q-o-q,
up 16% y-o-y).
• Net debt / LTM EBITDA as at the end of Q3 remained flat at 1.25x.
• 2020 outlook:
• Production – 30 m ct (vs early 2020 guidance of 34 m ct);
• Capex – ca. RUB 20 bn (vs the previous guidance of RUB 22 bn).
ALROSA’s CFO:“From mid-August we started to see the first signs of recovery in the diamond market
followed by a stronger demand for our core products. This was due to two key factors. The first one is the
maximum support for our long-term customers by allowing them to refrain from buying volumes under
effective contracts, which helped them significantly reduce stocks at the midstream. The second one is
recovery of end demand for jewelry as the key markets saw the restrictions lifted (in September demand in
China and US grew 13% and 14% y-o-y, respectively) supported by fast-growing online sales.However, it
is definitely too early to speak of the full recovery. The markets still face uncertainty caused by the
pandemic's impact on the global economy and subsequent developments. The key indicator for the diamond
industry will be upcoming Christmas and Chinese New Year retail sales.As part of the ongoing efforts to
fend off COVID-19 and its impact, the Company continues to take all steps needed to ensure the safety of
its people. These include maintaining remote work arrangements for the majority of the administrative staff,
providing the personnel with PPE, mandatory two-week observation, three tests prior to the shift start, and
many more.From the operational viewpoint, we remain focused on boosting efficiency and reducing costs
across the lines, while staying flexible when it comes to planning capacity utilisation rates. Given the
accumulated stocks and sales expectations for certain diamond categories, the Company's Board was
recommended to approve as the base case scenario 2021 production guidance of 28–30 m ct mainly
underpinned by production cuts at Almazy Anabara and Severalmaz.The demand recovery undoubtedly had
a positive impact on ALROSA's Q3 financial results. Our revenue grew 5x q-o-q to RUB 49.7 bn, while
EBITDA rose to RUB 26 bn and EBITDA margin reached 52%. Free cash flow increased to RUB 23 bn.
With a Q3 positive cash flow supporting our strong liquidity position at $1.7 bn, on 3 November we fully
repaid $494 m Eurobonds as planned. As a result, we reduced our total debt to $2.3 bn to date.”
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General tankhouse overhaul: Aurubis (Germany) invests € 60 million in the Lünen
recycling site
At the Aurubis site in Lünen, the work for the second phase of the tankhouse overhaul
has started. Aurubis AG is investing a total of € 60 million in the renovation of the
facility. The work includes the demolition and reconstruction of the tankhouse basins
and other extensive improvements to the production facility. At the end of the
overhaul, the capacity of the tankhouse, where the most energy-intensive part of the
copper production process takes place, will be expanded by 10% thanks to an
increase in efficiency.The tankhouse renovation is planned for the next three years.
Despite the work, the facility can be operated at 80% of its original capacity during
this period.The tankhouse is the last step in the copper refining process, in which
anodes – plates weighing about 400 kg with a copper content of up to 99.5% that are
recovered by melting down raw materials in multiple steps – are dissolved in an
electrochemical process. The copper ions are deposited on steel plates, resulting in
copper with 99.99 % purity. The other substances contained in the anode, such as
precious metals, are precipitated in this process, separated from each other in the
course of additional procedures, and wise refined in the Aurubis Group network.
"Following the construction of the new training center ATASI, which was
inaugurated in March 2019, this investment is Aurubis' latest clear affirmation of
its largest recycling site here in Lünen," Plant Manager said. "At the same time,
with the capacity expansion, we are strengthening the significance of our plant
within Aurubis' integrated smelter network and contributing to a sustainable
circular economy."
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BHP (Australia) completes Shenzi Transaction
BHP announced that it has completed the transaction to acquire an additional 28 per cent working interest in Shenzi from
Hess Corporation (Hess), for US$505 million subject to the typical adjustment to reflect net cash generated from the 1 July
2020 transaction effective date to the close date of 6 November 2020.The transaction brings BHP’s working interest to 72
per cent and adds approximately 11,000 barrels of oil equivalent per day of production (90 per cent oil) as of the transaction
closing date of 6 November 2020.Total petroleum production guidance for the 2021 financial year of between 95 and 102
MMboe will be updated at the second quarter Operational Review (released 20 January 2021 AEST) to reflect the additional
production from Shenzi and other operational updates such as Gulf of Mexico hurricane impacts.Shenzi is a six-lease
development in the deepwater Gulf of Mexico and is structured as a joint ownership: BHP (Operator, 72 per cent interest)
and Repsol S.A.
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CEMEX (Mexico) announces highest quarterly EBITDA, EBITDA
margin and free cash flow since 2016
• CEMEX’s Consolidated Third Quarter 2020 Financial and Operational
Highlights
• Net Sales on a like-to-like basis increased 3%, to US$3,436 million.
• Operating Earnings before Other Expenses, net, increased 20% to US$453
million on a like-to-like basis.
• Operating EBITDA on a like-to-like basis increased 15% to US$728 million, as
compared to the same period in 2019.
• Operating EBITDA margin increased by 1.8pp, from 19.4% in the third quarter
of 2019 to 21.2% this quarter.
• Free Cash Flow after Maintenance Capital Expenditures increased 58% to
US$458 million.
• Controlling Interest Net Income (loss) was a loss of US$1.54 billion, due to a
non-cash impairment of goodwill and idle assets that CEMEX previously
announced.
• As a result of the strong quarterly performance, CEMEX delevered in the quarter.
Net debt plus perpetual notes decreased by US$504 million versus the prior quarter.
“We are pleased with our performance in the third quarter in which all regions
participated in earnings recovery. Indeed, during the quarter, we experienced
EBITDA recovery from the second quarter decline, due to COVID-19, as well as
strong year-over-year growth. Operation Resilience played a key role in this
performance,” said CEO of CEMEX. “We continued to derisk the business with
the reduction in our net leverage ratio and the extension of our bank maturities
with the successful refinancing of the Facilities Agreement.”
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Dangote Cement Plc (Nigeria) Announces Unaudited Results For The
Nine Months Ended 30th September 2020
Financial Highlights
• Group revenue up 12.0% to ₦761.4B
• Group EBITDA up 17.1% to ₦355.0B; 46.6% margin
• Record high Pan-Africa EBITDA up 37.9% to ₦52.1B; 22.4% margin
• Profit before tax up 37.6% to ₦272.0B
• Earnings per share up 34.6% to ₦12.25
• Net debt of ₦262.4B, gearing of 32%
Operating Highlights
• Group sales volumes up 6.6% to 19.2 million tonnes
• Nigeria volumes up 10.2%; up 39.9% in the quarter driven by strong demand and pull effect of the
National Consumer Promotion
• Pan-African volumes up 3.7% despite impact of COVID-19 in Q2
Export Strategy
• 6 clinker vessels exported in the quarter from Nigeria to Cameroon via the Apapa export terminal (2
vessels per month)
• Including maiden shipment in June, 7 clinker vessels have been exported to date
• On track to commission the Port Harcourt export terminal before the end of the year
• Cement export by sea via Lekki export terminal being explored
• Land cement export restarted amidst gradual re-opening of borders
Group Chief Executive Officer, said:“I am delighted to report that Dangote Cement experienced its
strongest quarter in terms of EBITDA and strongest third quarter in term of volumes. Despite a
challenging environment, Group volumes for the nine months were up 6.6% and Group EBITDA was
up 17.1%, at a 46.6% margin.This quarter has really shown the ability of Dangote Cement to meet the
strong recovery of the cement market in Nigeria and Pan-Africa after a challenging Q2. In Nigeria, we
have witnessed a strong appetite for real estate investment and the recovery of infrastructure spending
– including more concrete roads. Sales volumes in Nigeria were up 40% in the quarter and Pan-Africa
reached a record high EBITDA margin of 24% in the quarter. In the quarter, our Group net profit was
up 135.1%.We continue to focus on our export strategy and are on track to ensure West and Central
Africa become cement and clinker independent, with Nigeria as the main supply hub. Clinker exports
have steadily been ramping up in Q3 after our maiden shipment in June 2020, whilst land exports have
also resumed.Dangote Cement’s strategy to offer high quality products at competitive prices is
meeting customers’ expectations in Nigeria and across the continent, where we continue to deploy
excellent marketing initiatives and operational excellence across the continent.We remain committed
to protecting our staff and communities by being fully compliant with health and safety measures in
all our territories of operation. We are focused on adapting to the rapidly evolving markets in which
we operate.”
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Ferguson PLC (USA) acquires Old Dominion Supply, Inc. and Atlantic
Construction Fabrics, Inc.
Ferguson plc announces the acquisition of Old Dominion Supply, Inc. a
wholesale distributor of HVAC parts and supplies in Maryland and Northern
Virginia, and Atlantic Construction Fabrics, Inc. (“ACF”), a geotextile
company operating along the East coast. Founded in 1962, Old Dominion is a
wholesale distributor of HVAC parts and supplies to residential and
commercial contractors. The company operates with approximately 40
associates based out of two locations and serves the Washington D.C. metro
area, Baltimore, Central Maryland and Northern Virginia. The company has
annualized revenue of approximately $55 million. Founded in 1984, ACF
provides geotextile, stormwater and erosion control solutions to the civil
construction market primarily along the East coast. Headquartered in
Richmond, Virginia, the company operates with approximately 190 associates
across 20 locations from Florida to Maine and extending west into Ohio. The
company has annualized revenue of approximately $100 million.
Commenting on the acquisitions, Group Chief Executive, said:“In
September we announced that we would resume our M&A program. The
acquisition of high-quality businesses that either broaden our capabilities
to better serve our customers or expand our geographic reach remains a
central part of our strategy.The acquisition of Old Dominion continues our
expansion within the HVAC market, giving us greater vendor and product
synergies in the Washington D.C. metro area, Maryland and Northern
Virginia. ACF adds a large geographic footprint along the East Coast and
additional geotextile capabilities which will further diversify our
Waterworks business and complement our existing customer offering in
geosynthetics, erosion control and stormwater management.We will now
rapidly integrate these businesses into our network, and I would like to take
this opportunity to welcome our new associates at Old Dominion and ACF
to Ferguson.”
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First Quantum Minerals (Canada) Reports Third Quarter 2020 Results
Financial Highlights
• Sales revenues for the quarter of $1,402 million, an increase of 42% from the comparable period of 2019, were primarily driven
by the commercial sales volumes of copper and gold from Cobre Panama, increased sales volumes at Kansanshi and higher realized
metal prices.
• $452 million of cash flows from operating activities ($0.66 per share1) generated during the quarter, a significant increase from
the same period of 2019.
• Gross profit of $346 million for the quarter compared to $150 million for the same period in 2019.
• Comparative EBITDA1 of $641 million for the quarter compared to $354 million for the same period in 2019.
• Realized price for copper of $2.64 per lb for the quarter, 6% higher than the same period in 2019. This compares to an increase of
13% in the London Metal Exchange (“LME”) average copper price, to $2.96 per lb, for the same period.
• The Company’s copper sales hedge program reduced sales revenues by $51 million ($0.12 per lb) in the quarter, while the nickel
sales hedge program contributed $2 million to sales revenues.
• Net debt decreased during the quarter by $113 million to $7,545 million at September 30, 2020.
• Ended the quarter with $915 million in net unrestricted cash and cash equivalents, current working capital of $1,132 million and
in full compliance with all financial covenants.
• On October 1, 2020, the Company completed the offering of $1.5 billion of Senior Notes due 2027 (“the Offering”). Interest will
accrue at the rate of 6.875% per annum and will be payable semi-annually. The proceeds of the Offering were used towards the
repayment of $650 million principal amount under the Company’s existing revolving credit facility, and the redemption in full of the
Company’s outstanding Senior Notes due 2022. On September 18, 2020, the Company issued a notice of redemption of the 7.25%
Senior Notes due 2022, and redemption at par was completed on October 19, 2020.
• At October 28, 2020, the Company had hedge positions for 416,775 tonnes of copper using unmargined copper forward and zero
cost collar sales contracts with an average floor price of $2.79 per lb and maturities to December 2021. This represents approximately
half of the Company’s expected sales for the next 12 months.
“The third quarter was strong from an operational and financial perspective. Cobre Panama restarted normal operations and was
back into full production well ahead of schedule. Almost all of our operations delivered lower costs and a number of new
production and cost records were achieved. As promised, we have maintained our focus on balance sheet de-leveraging and I am
pleased to report that our net debt position is now beginning to decline. We have continued our program of active balance sheet
management with the completion of a senior note offering of $1.5 billion which has been used to extend our senior debt maturities
and reduce our debt service costs,” commented Chairman and CEO. “We continue to prioritize the health and safety of our
workforce as we navigate the COVID-19 pandemic that is now the ‘new normal’. Despite all the challenges, our workforce and
operations continue to be extremely resilient. This has resulted in a strong operational performance, allowing us to increase our
production expectations for the year at slightly improved costs. I am proud of how we continue to navigate this very challenging
year while preparing the Company for continued future success.”
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Grasim Industries (India) Unlocks Value Divests Fertiliser Business to Indorama
Corporation for Rs. 2,649 Cr.
The Board of Directors of Grasim Industries Limited at its meeting
held, approved the divestment of the Company’s Fertiliser Business,
Indo Gulf Fertilisers, by way of a slump sale to Indorama India Private
Ltd (“IIP”), a subsidiary of Indorama Corporation Pte. Ltd, Singapore.
The transfer of the business will be for a lump-sum cash consideration
of Rs. 2,649 Cr., to be paid by IIP to Grasim. This consideration is
commensurate to the strength and future potential of the business.
Indo Gulf Fertilisers is engaged in manufacturing, trading, and sale of
urea and other agri-inputs with a 1.2 Mn TPA Urea manufacturing
plant at Jagdishpur in Uttar Pradesh. The divestment of the Fertiliser
Business is a significant value unlocking exercise for Grasim. It will
further enable the Company to pursue growth opportunities in its core
businesses.
Speaking on the transaction MD Grasim Industries Ltd said “The
divestment of the Fertiliser business by Grasim is a strategic
portfolio choice and unlocks value for the shareholders. It is in line
with the strategic thrust of the Company to focus on core
businesses. Indo Gulf Fertilisers is synonymous with strong
performance and high sustainability standards. To take it to the next
level in size and value, the company is pleased to have found in
Indorama Corporation, a credible fertiliser player to own IGF. IGF
will benefit from synergies and expertise of Indorama
Corporation’s existing agri portfolio.”
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HeidelbergCement (Germany) with significant increase in result in the
third quarter of 2020
• Group-wide cement and clinker sales volumes fell by 4.7% to 90.1 million tonnes (previous year: 94.5) in the first
nine months. Excluding consolidation effects, the decline amounted to 4.0%. On a like-for-like basis, deliveries in the
Africa-Eastern Mediterranean Basin Group area recorded a solid increase. In Northern and Eastern Europe-Central
Asia, sales volumes remained at the previous year’s level. Volumes declined in the other Group areas.
• Deliveries of aggregates were 5.3% below the previous year’s level at 220.8 million tonnes (previous year: 233.3).
A slight increase in sales volumes in Northern and Eastern Europe-Central Asia stood in contrast to significant
decreases in volumes in Western and Southern Europe, Asia-Pacific, and Africa-Eastern Mediterranean Basin, while
North America remained only slightly below the previous year. Excluding consolidation effects, sales volumes declined
by 4.6%.
• Sales volumes of ready-mixed concrete fell by 9.2% to 34.4 million cubic metres (previous year: 38.0). With the
exception of North America, where deliveries were slightly above the previous year, volumes declined in all Group
areas. Excluding consolidation effects, deliveries of ready-mixed concrete declined by 9.5%. Asphalt deliveries
decreased by 3.6% to 8.1 million tonnes (previous year: 8.4). Adjusted for consolidation effects, deliveries fell by 5.0%.
• Group revenue from January to September 2020 decreased by 7.9% in comparison with the previous year to
€13,140 million (previous year: 14,273). Excluding consolidation and exchange rate effects, the decline amounted to
6.9%. Changes to the scope of consolidation of €4 million and exchange rate effects of €159 million had a negative
impact on revenue.
• The result from current operations before depreciation and amortisation (RCOBD) grew by €119 million or 4.6%
to €2,731 million (previous year: 2,612). Excluding consolidation and exchange rate effects, the operational increase
amounted to €156 million, 6.1% above the previous year. The strong operational performance in the third quarter, with
RCOBD up 13.1% and 16.5% on a like-for-like basis, was a major contributory factor. The RCOBD margin improved
by almost 400 basis points to 27.2% (previous year: 23.2%).
Chairman of the Managing Board of HeidelbergCement:“HeidelbergCement has achieved an excellent result in
the third quarter of 2020. In an environment that continues to be characterised by major regional differences and
great uncertainty, we were able to increase EBITDA by 17% in comparison with the previous year. The broad
regional setup and strong cohesion within our company are paying off. All Group areas contributed to the
improvement in results. The measures launched in February as part of our COPE action plan are taking effect.
Since the programme was launched, we have achieved Group-wide cash savings of over €700 million, exactly in
line with our plan. All measures have been and continue to be focused on health protection for our employees,
customers and service providers. I would like to express my special thanks to all our employees around the world,
who have made this good result possible with extraordinary commitment and under sometimes difficult
conditions.The strong figures speak for themselves. As a result of the very strong development of results in the
third quarter of 2020, we anticipate that operating EBITDA for the full year 2020 will be above the previous year.
HeidelbergCement is very well positioned, even for difficult times. When the economy picks up again and
construction activity in our markets returns to normal, we will have very good prospects for sustainable and
profitable growth. We will seize the growth opportunities that present themselves.”
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International Paper (USA) Reports Third Quarter 2020 Results
Third Quarter 2020 Highlights
• Third quarter net earnings (loss) attributable to International Paper of $204 million ($0.52
per diluted share), compared with $266 million ($0.67 per diluted share) in the second quarter of
2020 and $344 million ($0.87 per diluted share) in the third quarter of 2019
• Third quarter adjusted operating earnings* (non-GAAP) of $280 million ($0.71 per diluted
share) compared with $305 million ($0.77 per diluted share) in the second quarter of 2020 and
$431 million ($1.09 per diluted share) in the third quarter of 2019
• Third quarter cash provided by operations of $735 million and year-to-date of $2.3 billion
compared with $2.7 billion year-to-date in the same period of 2019
• Third quarter debt reduction of $760 million, bringing year-to-date 2020 to $1.1 billion
• Industrial Packaging operating profits in the third quarter of 2020 were $469 million
compared with $449 million in the second quarter of 2020. In North America, earnings increased
reflecting higher sales volumes for boxes, lower economic downtime and lower recycled fiber
costs.
• Global Cellulose Fibers operating profits (losses) in the third quarter of 2020 were $(59)
million compared with $(10) million in the second quarter of 2020.
• Printing Papers operating profits (losses) in the third quarter of 2020 were $63 million
compared with $(11) million in the second quarter of 2020.
"International Paper once again delivered solid results and generated strong cash from
operations in a dynamic environment," said Chairman and Chief Executive Officer. "Our
performance continues to demonstrate the strength of our customer solutions and the scale
and flexibility of our system. As we enter the fourth quarter, we see continued momentum in
demand for corrugated packaging, and we will again leverage the commercial and operating
strengths of International Paper with a focus on cash generation and maintaining a strong
balance sheet. The health and safety of our employees remains our most important
responsibility. I appreciate the dedication of our team members to safely produce and deliver
the products people depend on every day."
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MMK Group (Russia) financial results for Q3 and 9M 2020
Q3 2020 key highlights:
• MMK Group’s revenue increased by 23.4% quarter-on-quarter (q-o-q) to USD 1,565 mln, which reflects a growth in sales volumes thanks to a recovery in business activity and
a rise in steel prices due to positive market trends in Russia and globally.
• EBITDA for Q3 2020 amounted to USD 350 mln, up 54.9% q-o-q, reflecting the improving market environment in Q3 and a significant growth in the share of higher-margin
domestic sales. EBITDA margin increased by 4.6 p.p. to 22.4%.
• Despite a rouble devaluation in Q3, net profit was up by 75.9% q-o-q to USD 102 mln.
• Free cash flow (FCF) significantly increased, totalling USD 335 mln in Q3. FCF growth was driven by higher sales and margins, and the management team’s effective efforts to
reduce working capital amid a favourable domestic market environment.
9M 2020 key highlights:
• MMK Group’s revenue declined by 22.3% year-on-year (y-o-y) to USD 4,543 mln due to the challenging market situation and the reconstruction of Hot-Rolling Mill 2500.
• EBITDA decreased by 30.4% y-o-y to USD 1,018 mln following the overall slowdown in business activity and correction in global steel prices driven by the spread of the
pandemic. EBITDA margin was down by 2.6 p.p. to 22.4%.
• Net profit declined by 62.1% y-o-y to USD 291 mln, mainly due to worsening market conditions and the growing foreign exchange losses driven by rouble devaluation.
• FCF amounted to USD 432 mln, down 30.0% y-o-y, due to the worsening market environment.
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Masco Corporation (USA) Reports Third Quarter 2020 Results
2020 Third Quarter Commentary
• On a reported basis, compared to third quarter 2019:
• Net sales increased 16 percent to $2.0 billion; in local currency, net sales increased 15 percent
• In local currency, North American sales increased 16 percent and international sales increased 9
percent
• Gross margins increased 230 basis points to 37.9 percent from 35.6 percent
• Operating profit increased 47 percent to $424 million
• Operating margins increased 460 basis points to 21.4 percent from 16.8 percent
• Income from continuing operations increased to $1.05 per share, compared to $0.56 per share
Compared to third quarter 2019, results for key financial measures, as adjusted for certain items (see
Exhibit A) and with a normalized tax rate of 26 percent, were as follows:
• Gross margins increased 210 basis points to 38.0 percent compared to 35.9 percent
• Operating profit increased 43 percent to $425 million from $298 million
• Operating margins increased 400 basis points to 21.4 percent compared to 17.4 percent
• Income from continuing operations increased to $1.04 per share, compared to $0.60 per share
• Liquidity at the end of the third quarter was $2.3 billion, including full availability on $1.0 billion
revolving credit facility
• Plumbing Products’ net sales increased 13 percent (12 percent excluding the impact of foreign
currency)
• Decorative Architectural Products’ net sales increased 19 percent
“We expect strong demand for our products to continue in the fourth quarter,” said President & CEO.
“Our lower ticket, repair and remodel-oriented products are well positioned to capitalize on
consumers’ increased interest in enhancing their homes. Additionally, while there is continued
uncertainty due to the COVID-19 pandemic, our demonstrated ability to execute and our strong
liquidity position will enable us to resume our share repurchase program in the fourth quarter.”
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Masco Corporation (USA) Enters Into an Agreement to Acquire Majority
Stake in Easy Sanitary Solutions B.V.
Masco Corporation one of the world’s leading manufacturers of branded home improvement and building products, announced that its
majority-owned subsidiary Hansgrohe SE has entered into an agreement to purchase a majority stake in the Dutch company Easy Sanitary
Solutions (ESS) B.V. headquartered in Oldenzaal, The Netherlands. ESS is the inventor, developer and manufacturer of Easy Drain shower
channels and offers a wide range of products for barrier-free showering and bathroom wall niches. ESS will operate as a subsidiary of
Hansgrohe SE. Terms of the transaction were not disclosed, and the agreement contains customary representations, warranties, and
covenants. The closing of the sale is expected to occur during the first quarter of 2021, subject to customary closing conditions and regulatory
review.Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded
home improvement and building products. Our portfolio of industry-leading brands includes Behr® paint; Delta® and Hansgrohe® faucets,
bath and shower fixtures; Kichler® decorative and outdoor lighting; and HotSpring® spas. We leverage our powerful brands across product
categories, sales channels and geographies to create value for our customers and shareholders.
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Newmont (USA) Announces Record Third Quarter 2020 Results
Third Quarter 2020 Highlights
• Produced 1.5 million attributable ounces of gold* and reported CAS* of $756 per ounce and
AISC* of $1,020 per ounce and produced 273 thousand attributable gold equivalent ounces from
co-products
• Generated $1.6 billion of cash from continuing operations and $1.3 billion of Free Cash Flow*
• Reported $4.8 billion of consolidated cash with $7.8 billion of liquidity and a net debt to adjusted
EBITDA* ratio of 0.4x
• All sites operational with wide-ranging controls and safety protocols continuing to manage the
Covid pandemic while placing the health, safety and wellbeing of our people and communities above
all else
• On track to finish 2020 strong and meet full-year guidance
• Declared third quarter dividend of $0.40 per share, an increase of 60 percent over the prior
quarter
• Formed exploration joint ventures with Agnico Eagle Mines Limited in Colombia and Kirkland
Lake Gold Inc. in Canada
• Announced sale of royalty portfolio to Maverix Metals for total consideration of approximately
$90 million
• Achieved gender parity amongst independent non-executive Board Directors
“Capitalizing on the strength of our portfolio and higher gold prices, we delivered record third
quarter adjusted EBITDA of $1.7 billion and free cash flow of $1.3 billion. This was the best
quarterly financial performance in Newmont’s history. We also remain focused above all else on
protecting the health, safety and wellbeing of our workforce and neighboring communities as the
pandemic continues," saidPresident and Chief Executive Officer. "As demonstrated by our
second dividend increase this year, with a 79 percent increase in January and a further 60 percent
increase in October, I am confident that our world-class portfolio is best positioned to generate
industry-leading value and returns for our shareholders." President and Chief Executive Officer
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Olin (USA) Announces Third Quarter 2020 Results
• The third quarter 2020 reported net loss was $736.8 million, or $4.67 per diluted share, which compares to the third quarter 2019
reported net income of $44.2 million, or $0.27 per diluted share.
• Third quarter 2020 adjusted EBITDA of $195.5 million excludes depreciation and amortization expense of $142.1 million, a
goodwill impairment charge of $699.8 million, information technology integration costs of $25.5 million, and restructuring charges and
other non-recurring costs of $7.0 million.
• Third quarter 2019 adjusted EBITDA was $292.9 million. Sales in the third quarter 2020 were $1,437.6 million compared to
$1,576.6 million in the third quarter 2019.
• Chlor Alkali Products and Vinyls sales for the third quarter 2020 were $755.1 million compared to $876.3 million in the third
quarter 2019. Third quarter 2020 segment earnings were $37.8 million compared to $112.7 million in the third quarter 2019.
• Epoxy sales for the third quarter 2020 were $476.1 million compared to $511.6 million in the third quarter 2019. The decrease in
Epoxy sales was primarily due to lower product prices and lower epoxy resin volumes. The third quarter 2020 segment earnings were
$14.9 million compared to $24.2 million in the third quarter 2019.
• Winchester sales for the third quarter 2020 were $206.4 million compared to $188.7 million in the third quarter 2019. The
increase in sales was primarily due to higher commercial ammunition sales.
• Third quarter 2020 charges to income for environmental investigatory and remedial activities were $12.5 million compared to
credits to income of $0.8 million in the third quarter 2019. The charges for the third quarter 2020 relate primarily to future remedial
and investigatory activities associated with a former manufacturing site.
• The cash balance at September 30, 2020 was $282.7 million. Working capital decreased by $148.4 million in the third quarter
2020 and $179.2 million year-to-date. During 2020, Olin expects to reduce working capital by approximately $150 million, which
includes an approximately $75 million investment in working capital to support the Lake City operations.
• On October 22, 2020, Olin's Board of Directors declared a dividend of $0.20 on each share of Olin common stock. The dividend
is payable on December 10, 2020, to shareholders of record at the close of business on November 10, 2020. This will be the 376th
consecutive quarterly dividend to be paid by the Company.
President and Chief Executive Officer, said, "Third quarter 2020 sales for the Chemicals businesses increased sequentially from
second quarter 2020 by approximately 17%, and sales have increased every month since the low point in April. Additionally, Olin
drove sequential pricing improvement in the third quarter 2020 for chlorine and almost all chlorine derivatives and our newly
established ECU (Electrochemical Unit) Profit Contribution Index improved in the third quarter compared to the second quarter.
Looking ahead, Olin's recent price increases for chlorine, epoxy resins, bleach, ethylene dichloride and chlorinated organics are
expected to positively contribute to our ECU Profit Contribution Index in the fourth quarter. Fourth quarter volumes are expected
to be challenged based on customer year-end inventory reductions and Olin selectively selling less into poor quality markets,
slightly more than offsetting the positives from driving price increases.”
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NLMK Group (Russia) Q3 and 9M 2020 IFRS Financial Results
Q3 2020 key highlights
• Revenue increased to $2.2 bn (+3% qoq) as sales of steel products grew by 2% qoq to 4.4 m t. A 13% yoy
reduction was due to a drop in prices for steel products and an increase in the share of semi-finished products in
the sales mix.
• EBITDA totalled $579 m (-1% qoq). An increase in sales, an improvement in the product portfolio structure,
and the devaluation of the ruble offset the negative effect from production losses during the restoration of the
conveyor gallery at Stoilensky in September 2020. EBITDA margin was 26% (-1 p.p. qoq; +1 p.p. yoy).
• Free cash flow totalled $239 m (-21% qoq) with higher investment spending against the backdrop of the
second stage of major overhauls at NLMK Lipetsk BF and BOF operations and other Strategy 2022 projects.
• Net profit increased 4-fold qoq to $312 m against the low base of the previous quarter when investments in
NBH were impaired (a non-cash transaction).
9M 2020 key highlights
• Revenue decreased by 17% yoy to $6.9 bn due to the drop in steel product prices and the increase in the
share of semi-finished products in total sales by 4 p.p. to 40%.
• EBITDA decreased by 16% yoy to $1.8 bn, driven by the decrease in revenue. EBITDA margin was 26%
(+1 p.p. yoy).
• Free cash flow decreased by 26% yoy to $874 m, following the decrease in EBITDA and growth of capex
as part of Strategy 2022.
• Net profit decreased by 40% yoy to $678 m, against the backdrop of lower revenue and the recognition of
NBH investment impairment in the amount of $120 m in Q2 2020. Without taking this non-cash transaction into
account, net profit would have totalled $798 m.
Comment from NLMK Group CFO:“In Q3 2020 global business activity began to recover gradually,
driving an uptick in demand for steel in our traditional sales markets and an increase in steel product prices.
Nonetheless, the growing amount of new COVID-19 cases in a number of regions in September and
uncertainty about future measures aimed at countering the pandemic could slow the global economic
recovery.NLMK Group demonstrated strong operating and financial results in the past quarter. Revenue
grew by 3% qoq to $2.2 bn, supported by an increase in steel product sales and a higher share of finished
products in the sales portfolio. EBITDA margin was 26%. Free cash flow was $239 m, supported, among
other factors, by efficient working capital management.Structural gain from Strategy 2022 projects in 9M
2020 totalled $170 m relative to the 2019 cost base. The impact of operational efficiency programmes on
EBITDA totalled $124 m; the impact of capex projects totalled $46 m.Net debt/EBITDA stood at 0.87x,
total debt decreased by 5% qoq, and the share of short-term debt decreased due to the restructuring and
extension of a part of the credit lines.Strong performance and current market conditions enabled the
company management to recommend NLMK Board of Directors to pay Q3 2020 dividends in the amount
of $500 m. This sum includes one-off dividends of $250 on top of the Dividend Policy aimed at
compensating the decrease in dividends in Q4 2019 following the resolution of the Meeting of Shareholders
held on 24 April 2020.”
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Nucor (USA) Reports Results for Third Quarter of 2020
• Nucor Corporation announced consolidated net earnings of $193.4 million, or $0.63 per diluted share, for the third quarter of 2020. By
comparison, Nucor reported consolidated net earnings of $108.9 million, or $0.36 per diluted share, for the second quarter of 2020 and $275.0
million, or $0.90 per diluted share, for the third quarter of 2019.
• In the first nine months of 2020, Nucor generated consolidated net earnings of $322.6 million, or $1.06 per diluted share, compared with
consolidated net earnings of $1.16 billion, or $3.78 per diluted share, in the first nine months of 2019.
• At the end of the third quarter of 2020, Nucor had $3.41 billion in cash and cash equivalents, short-term investments and restricted cash
and cash equivalents on hand.
• Included in earnings for the third quarter of 2020 was a restructuring charge of $16.4 million, or $0.04 per diluted share, related to the
realignment of Nucor's metal buildings business.
• Nucor's consolidated net sales increased 14% to $4.93 billion in the third quarter of 2020 compared with $4.33 billion in the second quarter
of 2020 and decreased 10% compared with $5.46 billion in the third quarter of 2019.
• In the first nine months of 2020, Nucor's consolidated net sales of $14.88 billion decreased 15% compared with consolidated net sales of
$17.46 billion reported in the first nine months of 2019. Total tons shipped to outside customers in the first nine months of 2020 were 19,033,000,
a decrease of 5% from the first nine months of 2019, while the average sales price per ton in the first nine months of 2020 decreased 10% from
the first nine months of 2019.
• The average scrap and scrap substitute cost per gross ton used in the third quarter of 2020 was $277, a 2% decrease compared to $284 in
the second quarter of 2020 and a 7% decrease compared to $299 in the third quarter of 2019. The average scrap and scrap substitute cost per gross
ton used in the first nine months of 2020 was $285, a 13% decrease compared to $328 in the first nine months of 2019.
• Pre-operating and start-up costs related to the Company's growth projects were approximately $22 million, or $0.06 per diluted share, in
the third quarter of 2020, compared with approximately $22 million, or $0.06 per diluted share, in the second quarter of 2020 and approximately
$28 million, or $0.07 per diluted share, in the third quarter of 2019.
• In the first nine months of 2020, pre-operating and start-up costs related to the Company's growth projects were approximately $73 million,
or $0.18 per diluted share, compared with approximately $68 million, or $0.17 per diluted share, in the first nine months of 2019.
• Overall operating rates at the Company's steel mills increased to 83% in the third quarter of 2020 as compared to 68% in the second quarter
of 2020 and were flat relative to the third quarter of 2019. Operating rates in the first nine months of 2020 decreased to 80% as compared to 85%
in the first nine months of 2019.
"I am incredibly proud of how our team has responded to the many challenges of 2020 beginning with the health, safety and well-being of
our entire Nucor family. Our third quarter results were better than we expected, reflecting continued strength in nonresidential construction.
We expect improved performance in the fourth quarter due to positive pricing momentum in sheet and plate markets. Our teammates across
the company continue to find unique ways to serve our customers while bringing innovative product solutions into the market," said
Nucor's President and Chief Executive Officer.
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Nucor (USA) Enters Agreement to Purchase Paint Line Facility in Arkansas
Nucor Corporation has entered into an asset purchase agreement to acquire the Precoat Metals
Corporation's paint line facility located in Armorel, Arkansas. The paint line facility, located near
the Nucor Steel Arkansas sheet mill campus, has a capacity of approximately 250,000 tons per
year. Nucor considered building a greenfield paint line before deciding to acquire the Precoat
Metals facility.Nucor Steel Arkansas opened in 1992 and is capable of producing approximately
2,650,000 tons of hot-rolled sheet steel annually for automotive, appliance, construction, pipe
and tube and many other applications. Nucor Steel Arkansas recently completed construction of
a new speciality cold mill complex and is currently building a new 3rd generation advanced,
high-strength steel galvanizing line with an annual capacity of approximately 500,000 tons which
will begin operating in 2021.Nucor and its affiliates are manufacturers of steel and steel products,
with operating facilities in the United States, Canada and Mexico. Products produced include:
carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing;
electrical conduit; steel piling; steel joists and joist girders; steel deck; fabricated concrete
reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems;
steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also
brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron;
supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's
largest recycler.
"Becoming a direct supplier of pre-painted sheet products is part of the execution of our
long-term strategy of adding value for our customers by streamlining their procurement
process. Purchasing this paint line has several advantages over building a new facility,
including greatly accelerating Nucor's entrance into the painted products market with
existing capacity and an experienced team. We will be able to diversify our product and
market mix sooner, bringing value-added products to customers in construction, HVAC,
garage door, lighting, transportation and other key pre-paint markets," said, Vice President &
General Manager of Nucor Steel. "We are excited to welcome those Armorel teammates who
will be joining the Nucor family."
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Nucor (USA) Signs Virtual Power Purchase Agreement in Texasl;
Nucor Corporation announced that it has signed a 15-year Virtual Power Purchase Agreement (VPPA)
with EDF Renewables North America (EDFR) for 250 megawatts (MWac) of new solar energy in
Texas. The agreement, which will enable EDFR to add more clean energy to the region's power grid,
is Nucor's first VPPA and the largest of its kind for the steel industry.Construction on EDFR's solar
project is expected to begin in the summer of 2022 with production of electricity estimated to begin in
2023. Once completed, the expected annual output of the solar facility will be the equivalent of the
electricity consumed by nearly 50,000 average Texas homes.GreenFront Energy Partners, an
alternative energy advisory firm based in Richmond, Virginia, acted as Nucor's financial adviser on
this transaction. WattTime, a clean energy-focused subsidiary of the Rocky Mountain Institute,
assisted Nucor with evaluating the avoided emissions impact of the agreement.Nucor and its affiliates
are manufacturers of steel and steel products, with operating facilities in the United States, Canada and
Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow
structural section tubing; electrical conduit; steel piling; steel joists and joist girders; steel deck;
fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal
building systems; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph
Company, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced
iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's
largest recycler
"Nucor is one of the most efficient and cleanest steel producers in the world, and we are always
looking for ways to reduce our carbon footprint. That is why we are proud to make our production
process even cleaner by supporting the development of this solar energy project," said President
& Chief Executive Officer of Nucor Corporation. "We are already North America's largest
recycler, and supporting the addition of more clean power to the regional grid via this agreement
further demonstrates Nucor's commitment to sustainable steelmaking."
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Polyus (Russia) Financial Results For The Third Quarter Of 2020
• Total gold sales volumes amounted to 772 thousand ounces, up 15% compared to the second quarter of 2020. This reflects
seasonally higher production volumes at Alluvials as well as increased refined gold production volumes across almost all hard-rock
deposits. This also includes 70 thousand ounces of gold contained in concentrate from Olimpiada, compared to 26 thousand ounces in
the second quarter of 2020.
• Revenue for the third quarter 2020 totalled $1,454 million, up 26% compared to the previous quarter. This is partially attributable
to the aforementioned growth in gold sales volumes. At the same time, the average realised refined gold price was 11% higher compared
to the second quarter, at $1,907 per ounce.
• The group’s TCC for the third quarter increased 9% to $369 per ounce compared to the previous quarter due to the seasonal
increase in output at the structurally higher cost alluvial operations. In addition, higher MET expenses, driven by the increase in average
realised gold price put additional pressure on the group’s TCC. These factors were partially offset by an increase in share of lower-cost
antimony-rich flotation concentrate in total gold sold. The latter also resulted in higher by-product credit of $14 per ounce in the third
quarter compared to $1 per ounce in the previous quarter.
• Polyus adjusts its TCC guidance for 2020 downwards, based on the Company’s operational performance for the nine months of
2020, with total cash costs now expected to stay within the range of $375-$425 per ounce for the full year 2020, compared to the
previous estimate of $400-$450 per ounce. Polyus continues to apply the foreign exchange rate assumption of 60 rouble per dollar for
TCC guidance calculation.
• Adjusted EBITDA for the third quarter of 2020 reached $1,103 million, a 28% increase compared to $860 million in the previous
quarter, the highest on record and driven by growth in gold sales volumes and higher gold prices during the period.
• Capital expenditures (“capex”) for the period remained largely flat, at $130 million, compared to $127 million in the previous
quarter.
• Levered free cash flow for the third quarter of 2020 reached $720 million, primarily due to growth in the operating profit for the
period.
• The net debt /adjusted EBITDA ratio decreased to 0.7x compared to 0.8x as at the end of the previous quarter, reflecting a lower
net debt position and adjusted EBITDA growth over the last twelve months.
Chief Executive Officer of PJSC Polyus, commented: “Polyus posted solid financial results for the third quarter of 2020, driven
by growth in sales volumes and a higher gold price in the reporting period. For the first time in the Company’s history EBITDA
surpassed a $1 billion threshold, setting a new record high at $1.1 billion.Based on the Company’s cost performance for the first
nine months of 2020, we are adjusting our TCC guidance for the year downwards. Polyus now expects total cash costs for the full
year of 2020 to stay within the range of $375-$425 per ounce, compared to the previous estimate of $400-$450 per ounce.We also
continue to progress with the development of our flagship greenfield project, Sukhoi Log. Following the publication of the
Maiden Ore Reserve estimate a few weeks ago, we have now published an overview of the key highlights from the Pre-Feasibility
study. This has reconfirmed the outstanding quality of the largest untapped gold deposit globally, and we are now proceeding with
further technical and financial analysis of the project at the Feasibility study stage. We expect to provide a further update on
Sukhoi Log following the completion of the Feasibility Study in 2022.”
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Reliance Steel & Aluminum Co. (USA) Reports Third Quarter 2020
Financial Results
• As previously announced, in early August of 2020 Reliance completed the public offering of
$400 million aggregate principal amount of 1.30% senior notes due 2025 and $500 million aggregate
principal amount of 2.15% senior notes due 2030. The Company used a portion of the net proceeds
from the notes offering to repay all outstanding indebtedness under its unsecured revolving credit
facility and its unsecured term loan and will utilize the remaining proceeds for general corporate
purposes.
• At September 30, 2020, Reliance had total debt outstanding of $1.66 billion with no outstanding
borrowings under its new $1.5 billion revolving credit facility. The Company’s net debt-to-total
capital ratio was 17.3% on September 30, 2020. During the third quarter of 2020, Reliance generated
net cash provided by operating activities of $296.3 million.
• The Board of Directors declared a quarterly cash dividend of $0.625 per share of common stock,
payable on December 4, 2020 to stockholders of record as of November 20, 2020. For 61 consecutive
years, Reliance has paid regular quarterly dividends without suspension or reduction and has
increased the dividend 27 times since its 1994 IPO.
• During the third quarter of 2020, Reliance repurchased a total of $0.2 million of its common
stock. In the first nine months of 2020, the Company has repurchased 3.3 million shares of its
common stock at an average cost of $90.10 per share, for a total of $300.2 million. At September 30,
2020, approximately 3.1 million shares, or approximately 5% of the Company’s common shares
currently outstanding, remained available for repurchase under Reliance’s stock repurchase program.
“Our third quarter results once again demonstrate the strength of Reliance’s resilient business
model. Our diverse product mix and end market exposures, along with our decentralized
operating structure, enabled us to quickly respond to varied and fluid market conditions,
achieving non-GAAP earnings per diluted share of $1.87, a 37.5% increase from the prior
quarter,” said President and Chief Executive Officer of Reliance. “Our third quarter tons sold
surpassed our expectations, increasing 5.9% over the second quarter of 2020, due to improved
demand in many of our end markets as the economy continued to slowly reopen following
COVID-19 related customer shut-downs and project delays. I’d like to thank our managers in the
field for their continued efforts to increase the value we provide to our customers during these
challenging times, which contributed to our increased earnings levels. Most importantly, our
managers maintained their focus on employee health and safety to ensure we continued to
support our employees and their families, our customers, our suppliers, and our communities in
a safe, positive, and sustainable manner.”
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Severstal reports Q3 & 9M 2020 financial results
Q3 2020 vs. Q2 2020 ANALYSIS:
• Group revenue increased by 17.9% q/q to $1,875 million (Q2 2020: $1,590 million) driven by steel prices recovery q/q
and steel sales volumes growth.
• Group EBITDA increased by 30.9% q/q to $656 million (Q2 2020: $501 million), reflecting topline growth. Severstal’s
vertically integrated business model delivered an EBITDA margin of 35.0%, maintaining the Group’s position of having one
of the highest EBITDA margins in the steel industry globally.
• Free Cash Flow surged by 101.1% q/q to $382 million in Q3 2020 (Q2 2020: $190 million), primarily reflecting earnings
growth and positive changes in net working capital q/q.
• Net profit was $167 million (Q2 2020: $391 million), including a FX loss of $262 million, which mainly reflects an
accounting loss on the translation of USD debt balances due to the devaluation of the rouble in the third quarter.
• Cash CAPEX amounted to $341 million (Q2 2020: $331 million).
• Net debt declined to $1,782 million at the end of Q3 2020 (Q2 2020: $2,006 million).
• Severstal is committed to returning maximum value to its shareholders whilst managing and maintaining a comfortable
level of debt. Severstal’s financial position remains strong with a Net debt/EBITDA ratio of 0.77 as at the end of Q3 2020. The
Board of Directors has therefore recommended a dividend of 37.34 roubles per share for Q3 2020. 9M 2020.
9M 2019 ANALYSIS:
Group revenue declined by 17.0% y/y to $5,242 million in 9M 2020 (9M 2019: $6,319 million). This drop in revenue y/y was
due to weaker pricing dynamics for steel products and lower sales volumes in the period.
Group EBITDA declined 22.3% y/y at $1,712 million in 9M 2020 (9M 2019: $2,203 million), primarily reflecting lower
revenues, which were partially offset by a reduction in the cost of sales. The Group’s EBITDA margin remained high at 32.7%
(9M 2019: 34.9%).
The Company generated $626 million of FCF in 9M 2020 (9M 2019: $998 million), mainly reflecting a decline in EBITDA
and CAPEX growth y/y.
CEO of Severstal Management commented:“The health and safety of all Severstal employees remains our first priority.
Our response to COVID-19 pandemic has proved effective so far, and we have avoided any large-scale outbreak of
COVID-19 and our operations have continued without interruption. Considering the autumn increase in incidence, we
have again decided to send our office personnel to remote working, cancelled all business trips; all staff continue to work
adhering to our strict sanitary policies.To our great regret, in Q3 2020 we have recorded one fatality of our employee. We
remain committed to reach our 2025 safety goals, which are to eliminate fatalities and reduce LTIFR by 50% to 0.5. As
of the end of 9 months of 2020 it stood at 0.68. In October 2020, we announced the appointment of a new Director for
Health, Safety and Environment. We hope that his significant experience, expertise and leadership will help us make a
significant step change in our improvement in the area of workplace safety.”
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Sika (Switzerland) With Higher EBIT Margin And Sales Growth In The
First Nine Months Of 2020
• Sika maintained its growth trajectory over the first nine months of 2020 despite the severe
repercussions of the coronavirus pandemic, increasing sales by 2.6% in local currencies to CHF 5,805.5
million. The effect of acquisitions contributed 9.2% to the growth in sales.
• At –6.6%, organic growth in the first nine months of the current year was in negative territory. A
strongly negative currency effect (–6.0%) caused sales in Swiss francs to decline by 3.4%; the latter figure
reflects a currency loss of around CHF 357 million.
• In the first nine months of the year, Sika was able to increase its gross margin to 54.6% (previous year:
53.5%). Lower sales in the months of March, April, and May had a negative impact on profitability,
however. Nevertheless, operating profit before depreciation and amortization (EBITDA) increased,
exhibiting a margin of 18.5% (previous year: 17.3%).
• The operating profit margin rose to 13.7% (previous year: 13.4%). Operating profit (EBIT) therefore
amounted to CHF 797.4 million (previous year: CHF 805.9 million). The currency effect over the first nine
months was negative at –6.0% and reduced EBIT by CHF 48 million. When viewed in isolation, an EBIT
margin of 17.7% was achieved in the third quarter.
• Sales in the first nine months of 2020 includes a strong acquisition effect of 9.2%. In a market
suffering from the repercussions of the coronavirus pandemic, Sika was able to win further market share in
all regions.
• The EMEA region (Europe, Middle East, Africa) reported a sales increase in local currency of 3.8%
for the first nine months (previous year: 10.8%). This region has been recording a slight organic growth
since June.
"The 2020 financial year to date has been dominated by the coronavirus pandemic. With our
decentralized organization, we have been able to adapt swiftly to changed local conditions in all 100
countries and gain market share. Thanks to our clear focus on innovations and sustainability and the
business potential that we can exploit through global infrastructure programs, as well as to the
increased demand for renovation work and our strength in the builders’ merchant business, we will be
able to keep Sika on its growth trajectory and emerge from this crisis stronger than before. With our
future-oriented solutions, we are the market's prime mover and enable sustainable construction and
mobility." Chief Executive Officer
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Steel Dynamics (USA) Reports Third Quarter 2020 Results
• Steel Dynamics, Inc. announced third quarter 2020 financial results. The company reported third
quarter 2020 net sales of $2.3 billion and net income of $100 million, or $0.47 per diluted share.
Excluding the impact from the following item, the company's third quarter 2020 adjusted net income
was $108 million, or $0.51 per diluted share
• Comparatively, prior year third quarter net sales were $2.5 billion, with net income of $151
million, or $0.69 per diluted share. Sequential second quarter 2020 net sales were $2.1 billion, with
net income of $75 million, or $0.36 per diluted share, which included refinancing costs of $0.08 per
diluted share and costs (net of capitalized interest) related to the construction of the Texas steel mill
of $0.03 per diluted share.
• Third quarter 2020 operating income for the company's steel operations was $144 million, or 17
percent lower than sequential second quarter results, due to metal spread compression caused by
lower realized selling values in the company's flat roll business, mostly related to lagged contract
arrangements. The third quarter 2020 average external product selling price for the company's steel
operations decreased $21 sequentially to $734 per ton. The average ferrous scrap cost per ton melted
at the company's steel mills decreased $7 sequentially to $259 per ton.
• The company's steel fabrication operations achieved record quarterly operating income of $39
million, based on record quarterly shipments and metal spread expansion as average selling values
improved and steel input costs declined.
"The team delivered a solid performance despite the continued challenges created by the
coronavirus pandemic," said President and Chief Executive Officer. "We continue to operate
safely, provide ongoing customer support, and strengthen our capital foundation. Our spirit of
excellence was once again evidenced in our strong performance. Our third quarter 2020
consolidated operating income was $156 million and adjusted EBITDA $238 million. The
domestic steel demand recovery has been strong, with automotive representing the most
meaningful improvement and construction continuing to be resilient. Flat roll steel spot prices
rebounded during the third quarter, as customer inventory levels were extremely low and demand
steadily improved. We expect to see continued price strength and customer demand throughout
2020 and into 2021. Our differentiated business model continues to drive best-in-class
performance. Our steel mills operated at 85 percent of their production capability during the third
quarter 2020, with the flat roll group achieving a rate of 99 percent. This contrasts to the domestic
steel industry rate of 64 percent. Our continued market share gains coupled with support from our
fabrication and steel processing businesses, reinforced our higher operating rates. In addition, our
metals recycling platform provided a competitive advantage in sourcing ferrous scrap to support
our steel mills."
26

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Tata Steel's (India) Q2 FY21 Financial Results
• All major sites in India1 operating close to full capacity utilization.
• Quarterly deliveries at India1 operations grew 72% Quarter on Quarter and 22% Year on Year.
• EBITDA from India1 operations surged 4.1x QoQ and 49% YoY to Rs.6,025 crores, driven by higher
volumes, improved realizations and cost efficiencies.
• Tata Steel Standalone EBITDA surged 3.7x QoQ and 33%YoY to Rs.4,718 crores, which translates into an
EBITDA per ton of Rs.13,127 and an EBITDA margin of 29%. Key subsidiaries, Tata Steel BSL and Tata Steel
Long Products also delivered strong operating performance.
• Tata Steel BSL generated an EBITDA of Rs.1,113 crores which translates into a EBITDA/t of Rs.8,735
while Tata Steel Long Products generated an EBITDA of Rs.194 crores which translates into a EBITDA/t of
Rs.10,512.
• Consolidated EBITDA surged 10.4x QoQ and 60% YoY to Rs.6,217 crores while consolidated PAT from
continuing operations increased by 136% QoQ to Rs.1,635 crores.
• The Free Cash Flow generated during the quarter was Rs.7,832 crores. The company is committed to
deleveraging of US$1billion annually and has reduced net debt by Rs.8,197 crores during the quarter.
• The company has initiated discussions with SSAB Sweden based on interest received for the potential
acquisition of Tata Steel’s Netherland business including Ijmuiden steelworks
• The company has also initiated the process to separate Tata Steel Netherlands and Tata Steel UK and will
pursue separate strategic paths for the Netherlands and UK business in the future.
• Tata Steel is reorganizing its India footprint and folding listed and unlisted subsidiaries into 4 clusters to
drive scale, synergies and simplification and to create value for all stakeholders.
CEO & Managing Director:“Tata Steel has delivered strong results in India with broad based, market
leading volume growth and strong cashflow generation. The resilience of our business model and the
commitment of our teams has enabled us to ramp-up capacity utilization to normal levels and achieve
highest ever sales despite the ongoing challenges due to the COVID pandemic. There has also been a
significant improvement in product mix towards domestic sales and higher value-added products and a
sharp reduction in costs. We are now embarking on re-organizing our Indian subsidiaries into four verticals
to drive scale, synergies and simplification which we are confident will create value for our stakeholders.In
Europe, though the overall environment remains challenging and recovery is more gradual, there has been
an improvement in volumes and sales mix. We will continue to drive performance and work on a strategic
resolution to ensure the focus remains on cash flows and self-sufficiency. We are continuing our discussions
with the UK Government regarding the future strategy of our UK business”
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Teck (Canada) Reports Unaudited Third Quarter Results for 2020
• Adjusted profit attributable to shareholders in Q3 2020 of $130 million or $0.24
per share.
• Adjusted EBITDA in Q3 2020 of $638 million.
• Adjusted site cash cost of sale in our steelmaking coal business is expected to be
below $60 per tonne by year end.
• Neptune Bulk Terminals upgrade project is progressing in line with budget and
schedule. The five-month planned shutdown concluded in September, having
delivered the expected benefits for safe and productive construction work on the
upgrade project. All major equipment has been delivered to site.
• QB2 construction activities are safely ramping back up towards full construction
levels with over 7,000 people currently on site and the project is expected to be
approximately 40% complete by year end.
• Approximately $270 million in operating cost reductions and $550 million in
capital cost reductions have been achieved to date from expected spending
contemplated at the end of June 2019.
“We made significant progress during the quarter on our priority projects,
including safely ramping back up construction at our QB2 project and advancing
the Neptune Bulk Terminals upgrade in line with schedule and budget. Our
financial performance recovered strongly from a second quarter that was
significantly negatively impacted by COVID-19, and despite the decline in
realized steelmaking coal prices, we posted gains in profitability and operating
cash flows,” said President and CEO. “Across our business, our people have
adapted to the new normal of operating through the pandemic, staying focused
on health and safety while continuing to responsibly produce materials essential
to the global economic recovery.”
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United States Steel Corporation Reports Third Quarter 2020 Results
• United States Steel Corporation reported third quarter 2020 net loss of $234 million, or
$1.06 per diluted share.
• Adjusted net loss was $268 million, or $1.21per diluted share. This compares to third
quarter 2019 net loss of $84 million, or $0.49 per diluted share.
• Adjusted net loss for third quarter 2019 was $35 million, or $0.21 per diluted share.
• Liquidity of $2.864 billion, including cash of $1.696 billion
“In the third quarter, the U. S. Steel team continued to execute with an unwavering
commitment to safety as the market recovery took hold,” said U. S. Steel President and
Chief Executive Officer. “Our third quarter results exceeded our guidance and
demonstrated the power of the actions we have taken since the onset of COVID-19 with
dramatically improved results in our Flat-rolled segment, positive EBITDA in U. S.
Steel Europe, and cash from operations of $213 million. We expect to generate positive
adjusted EBITDA in the fourth quarter with excitement about our ‘Best of Both’ future.I
am pleased with the significant progress we have made executing our ‘Best of Both’
strategy so far this year. At the heart of our strategy is the customer, and this month we
are celebrating the successful start-up of our electric arc furnace at Fairfield and the
one-year anniversary of our investment in Big River Steel. Both of these investments
expand our sustainable steel offerings for our customers. It has only been a year and we
are confident and enthusiastic that the strategic rationale of our partnership with Big
River Steel is being validated. Our teams of leading steel technologists are already
proving that sustainable, high-end steel grades previously thought to be impossible for
mini mills to produce can indeed be made at Big River with U. S. Steel R&D and
know-how.”
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Vulcan (USA) Reports Third Quarter Results
• Net earnings were $200 million compared to $216 million in the prior year's comparable quarter.
• Third quarter Adjusted EBITDA was $403 million versus $407 million in the prior year. Adjusted EBITDA
margins expanded by 210 basis points despite an 8 percent decline in total revenues. This margin expansion was driven
by effective cost control throughout the organization and price growth in each major product line.
• Third quarter gross profit margin expanded 70 basis points despite a decrease in segment sales.
• Gross profit was $338 million compared to $357 million in the prior year. Unit profitability increased 3 percent to
$6.04 per ton due to widespread growth in pricing and effective cost control.
• Third quarter aggregates shipments were 8 percent lower than the prior year's third quarter due to economic
uncertainty caused by the pandemic, severe wet weather and wildfires in key markets.
• On a mix-adjusted basis, most of the Company's markets reported year-over-year price growth. For the quarter,
mix-adjusted sales price increased 2.9 percent (reported freight-adjusted sales price increased 2.4 percent).
Year-to-date, mix-adjusted pricing has increased 3.5 percent (reported freight-adjusted sales price increased 3.2
percent) despite a 4 percent decline in shipments.
• Asphalt segment gross profit was $30 million, an improvement of $3 million from the prior year's third quarter.
The year-over-year improvement was driven by higher material margins (sales price less unit cost of raw materials).
• Concrete segment gross profit was $12 million compared with $15 million in the prior year's third quarter.
Shipments decreased 11 percent versus the prior year, and average selling prices increased 3 percent compared to the
prior year. Third quarter shipments were impacted by wet weather in Virginia, the Company's largest concrete market,
and wildfires in Northern California.
• Calcium segment gross profit was $0.2 million versus $0.8 million in the prior year quarter.
Chairman and Chief Executive Officer, said, "Building on strong performance from the first half of the year, our
operational execution produced another quarter of unit margin expansion in the third quarter. Unit profitability
gains were widespread across our footprint, and our team remained focused on driving those improvements. The
continued impact of the COVID-19 pandemic on construction activity, along with severe wet weather, led to lower
shipment levels in the quarter. However, our resilient and best-in-class aggregates business overcame these
disruptive conditions, which enabled us to expand cash gross profit per ton, drive higher cash flows, and improve
returns on invested capital."
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Solutions Updates
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CEMEX (Mexico) to offer Vertua® net-zero CO2 concrete worldwide
31
Solution Description
CEMEX, S.A.B. de C.V. announced that Vertua®, its first-ever net-zero carbon concrete, will soon be available in its major markets worldwide
after a successful launch in Europe. Vertua®, a family of products that ranges from low carbon to the first net-zero CO2 concrete in the market,
places CEMEX at the forefront of the building materials industry’s efforts to mitigate climate change.Customers in several European countries are
using Vertua® in flagship infrastructure projects and many climate-friendly building projects, reducing their construction CO2 footprint
significantly.Vertua® net-zero carbon concrete is possible due to an innovative geopolymer binder solution created by CEMEX’s Research and
Development Center in Switzerland. This solution has a reduced carbon footprint of up to 70% without sacrificing performance. The compensation
of the remaining CO2 is achieved by participating in reforestation projects, among other initiatives.Early this year, CEMEX announced its Climate
Action strategy, defining a global target of a 35% reduction of CO2 emissions per ton of cementitious products by 2030. Additionally, it is the
industry's first company to target a CO2 reduction in its European operations of at least 55% by 2030. To complement this strategy with a
longer-term vision, CEMEX also established an ambition to deliver net-zero CO2 in all its concretes globally by 2050.CEMEX is a global building
materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the well-being of those it
serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future.

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LafargeHolcim (Switzerland) launches EcoLabel to transparently brand
its green building solutions
32
LafargeHolcim launches its EcoLabel to transparently communicate the environmental benefits of its green building solutions. The label will apply to
all its products that comply with its green criteria, including lower CO2 footprint and recycled content. Building on LafargeHolcim’s net zero pledge,
this EcoLabel supports the company’s ambition to accelerate green construction with the use of lower-footprint products such as ECOPact and Susteno.
EcoLabel applies to all cement and concrete with at least:
• 30% lower CO2 footprint compared to local industry standard or
• 20% recycled content
Going forward, the company will expand the environmental benefits covered by its EcoLabel to include properties such as water footprint.With
one-third of net sales already in green building solutions, LafargeHolcim aims to increase that share with its EcoLabel. Products with this endorsement
include established brands such as Susteno cement, ECOPact green concrete and Aggneo recycled aggregates. The company is continuously adding to
its range of green building solutions at its industry-leading Innovation Center, dedicating over 50% of its resources in this area.LafargeHolcim is one of
the world’s leading global recycling companies with 50 million tons of materials recycled across its business. On its net zero journey, the company is
doubling its target to become a 100 million ton recycling company by 2030. EcoLabel will play a key role on this journey.

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MMK (Russia) develops digital solutions for metal trading
33
Magnitogorsk Iron and Steel Works’ (MMK) management consider the development of customer focus as one of the key elements of improving the Company's
competitiveness. As part of this approach, MMK has created and developed various client services, including mobile applications that improve the quality and level
of sales. The first of these services is the MMK Client mobile app, the main purpose of which is to inform customers about the execution of contracts for the supply
of MMK products online. At any moment, the client can get information on placed and shipped orders and up-to-date data on settlement balances, find out what
stage the order is at using data fr om the calendar planning system, and track shipments via certificates and information about dispatched freight cars. Users of the
app can also obtain invoices and payment schedules, send claims and track their status. In addition, MMK customers can use this app to view scanned copies of
quality certificates, invoices, railway receipts and to access the MMK metal products catalog.Another application designed to optimise interaction with the plant's
customers is the Mobile Sales Assistant application. The purpose of the app, which was introduced in 2019, is to provide the seller with a tool for making quick
decisions during negotiations with the client. The seller, when negotiating with the counterparty about delivery volumes and prices, can find all the necessary
parameters directly in their mobile phone. By having all product information on hand during negotiations with customers about the supply of MMK products,
MMK's sales service employees will be able to make more informed decisions in terms of determining the price range and evaluating production opportunities.
The application provides interactive data management and is highly convenient and easy to use. It allows the user to calculate the relative marginality of the order,
assessing orders in line with budget indicators and client orders which have already been accepted at the plant based on the "marginality per hour" indicator.

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MMK (Russia) develops Industrial Internet of Things
34
The introduction of additional data collection tools, such as the Industrial Internet of Things (IIoT), as well as platforms and solutions for processing, presenting
and interpreting this data is a key area in the digitalisation strategy of Magnitogorsk Iron & Steel Works (MMK). In the Company's workshops and divisions,
machines, units and electrical equipment are equipped with wireless sensors that transmit information about the object and its parameters for operation. The
self-powered sensors are small and can be placed on moving objects where wired data transmission technology is not possible. They are easy to install and replace.
A single device can contain several sensors, each transmitting various parameters at once. One of the divisions where pilot projects related to the Industrial Internet
of Things are being implemented is the water supply department. For example, at one of the pumping units in pumping station No. 3., a system to allow wireless
monitoring of temperature and vibration parameters for bearings, as well as their rotational speed has been created. The system can also control the position of gate
valves, pressure in the pipeline and the power consumption of the unit. The system will allow for operational monitoring and assessment of the technical condition
of equipment and will help to prevent emergency situations. In addition, the water supply department is implementing a pilot project to assess the technical
condition of electric machines by measuring the drive motor's physical parameters using a smart sensor. The system will make it possible to analyse the data
obtained, and alongside this develop diagnostic solutions, conduct assessment and plan for necessary repairs and their timing. It will allow for a switch from
scheduled repairs to ongoing repairs, as and when they are needed. The programme is capable of self-learning and accumulating experience (knowledge base),
which means that more accurate forecasts, solutions and recommendations for operation can be issued in the future.

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NLMK (Russia) implements digital solution for equipment procurement
management
35
NLMK Group, a global steel company, has implemented the SAP Ariba Sourcing procurement management system to improve the efficiency of
equipment selection and acquisition. The system allows standardizing the process of selecting suppliers, comparing technical characteristics of
equipment and terms of cooperation, and monitoring order fulfillment and compliance with deadlines. The digital solution will reduce procurement
operating costs by 20-40%. SAP Ariba Sourcing is a one-stop-shop solution that combines multiple tasks related to supplier selection within a single
system, including the development and approval of basic engineering, preparation of a list of necessary equipment, filling out questionnaires, and
selecting a counterparty based on technical and commercial criteria. The system enables all procurement process participants to interact effectively in
a single space, saving the company's time and resources.NLMK Group is the largest steelmaker in Russia and one of the most efficient in the
world.NLMK Group’s steel products are used in various industries, from construction and machine building to the manufacturing of power-generation
equipment and offshore wind turbines.NLMK operates production facilities in Russia, Europe and the United States. The Company’s steel production
capacity exceeds 17 million tonnes per year.NLMK has a highly competitive competitive cash cost among global manufacturers and one of the highest
profitability levels in the industry. In 12M 2019, the Company generated $10.6 bn in revenue and $2.6 bn in EBITDA. Net debt/EBITDA stood at 0.7
х. The Company has investment grade credit ratings from S&P, Moody’s, Fitch, and RAEX (Expert RA).

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Smurfit Kappa (Ireland) and KHS join forces to roll out sustainable Top-
Clip solution
36
Packaging leader Smurfit Kappa has joined forces with KHS, one of the world’s leading manufacturers of filling and packaging systems for the
beverage and liquid food industries, to roll out its sustainable TopClip multipack product for bundling canned beverages. The partnership brings
to the market an end to end solution for beverage companies, including a combined unique and innovative packaging solution and high speed,
efficient packaging machines. Launched last year at Smurfit Kappa’s global Better Planet Packaging Day, TopClip is a recyclable solution that
replaces the need for shrink wrap, therefore providing an option for substituting plastic with sustainably sourced paper-based packaging. TopClip
is free from additional glue, meaning it is 100% plastic free, also allowing for a greater ease to remove or pull apart the cans. The patented product
addresses the needs of consumers who are looking to retailers and brands to provide more environmentally friendly packaging. TopClip fully
covers the top of can multi-packs, protecting them from contamination and providing excellent consumer handling and branding opportunities.
Moreover, the product’s sustainability credentials are further boosted with a 30% lower carbon footprint compared to a shrink wrap consumer
pack.KHS is an international manufacturer of filling and packaging systems for the beverage and liquid food sectors holding a leading position
within the industry and is an internationally active supplier and developer of packaging solutions and machines for all big brands in the world.

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R & R Updates
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ALROSA’s (Russia) ESG credentials honoured with MOEX and
Institutional Investor awards
37
Foreign investors ranked ALROSA among the top three best-performing publicly traded companies in Russia in the
environmental, social and governance (ESG) category. The Moscow Exchange held the 23rd annual contest of
annual reports with additional Investor Relations nominations. The reputable Institutional Investor magazine
conducted a survey of international investors with a focus on Russian companies’ performance to name the best
CFO, IR professional, ESG function, and corporate IR programme depending on the company's capitalization.
ALROSA's ESG credentials were honoured with the Moscow Exchange and Institutional Investor awards and
ranked second among Russian publicly traded companies.In addition, the сompany was listed as a top three
performer in the following categories: the best CFO; the best IR professional; the best IR programme among
mid-cap companies.
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JFE Steel (Japan) Receives Steelie Awards for development of resource
saving type Si gradient steel sheet for high-speed motors
38
JFE Steel Corporation was recently selected as a winner in the Worldsteel Association’s Steelie Awards 2020 for developing a resource saving type Si
gradient steel sheet for high-speed motors. JFE Steel is the first Japanese steelmaker to win a Steelie Award, which are presented annually to recognize
companies or individuals for outstanding contributions to the steel industry in seven categories. JFE Steel received its award in the “Innovation of the
Year” category, which recognizes innovative technical developments contributing to areas such as reducing environmental burdens and improved
productivity. JFE Steel’s new steel sheet enables more efficient and compact motor designs by optimizing the Si concentration gradient in the sheet
thickness direction, thereby contributing to low iron loss at high frequency and high flux density. Going forward, JFE Steel will continue to work toward
a more sustainable world through its ongoing development of high-performance electrical steel sheets that lead to ever more efficient and compact
electrical equipment.JFE Steel Corporation, one of the world’s leading integrated steel producers, was established through the consolidation of NKK
Corporation and Kawasaki Steel Corporation in 2003. The company operates several steelworks in Japan and numerous branch offices and affiliates
throughout the world. JFE Steel leverages world-class technologies and know-how to produce a wide range of products based on its “Only One, Number
One” strategy of focusing on unique and best-in-class products. The company reported consolidated sales of 3,900 billion yen in 2018 and consolidated
crude steel output of 27.88 million tons in the fiscal year ended March 2019.
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MMK (Russia) receives certificate of appreciation from World Steel
Association
39
The World Steel Association of global steel producers (Worldsteel) sent a certificate of appreciation to Magnitogorsk Iron and Steel Works (MMK) for the
plant's participation in the programme to collect data on carbon dioxide (CO2) emissions for 2020-2021. In a letter addressed to Viktor Rashnikov, Chairman
of the MMK Board of Directors, CEO of the World Steel Association Edwin Basson thanked MMK for its "continued support in submitting information that
allows Worldsteel to produce the annual report on CO2 and Energy intensity". Worldsteel is a non-profit organization that unites more than 85% of the world's
steel companies. The Association is a member of the programme to combat climate change, and pays great attention to monitoring the volume and dynamics
of carbon dioxide emissions by companies that are part of the group. Reducing air emissions and reducing the negative impact on the environment is likewise
one of MMK's top priorities. To that end, the Company is implementing its Clean City strategic initiative to 2025 which aims to reduce the air pollution index
in Magnitogorsk, the city where MMK's main site is located, to 5 units by the end of the period, which corresponds to the definition of a "clean city". To
reduce its impact on the environment, MMK implements the best available technologies, in addition to building new environmental protection structures and
reconstructing existing ones. For instance, in August 2020, MMK launched a large-scale reconstruction of the gas treatment complex at the plant's oxygen
converter shop, which will reduce emissions through the more efficient collection and treatment of flue gases. The project is slated to cost more than RUB
2.5 billion, with gross dust discharge to be reduced by at least 500 tonnes per year upon its completion.
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