01
Apr
15:13
S&P downgrades Russian steelmakers' outlook on virus outbreak
Standard & Poor’s (S&P) has revised the outlook on Russian steelmakers NLMK and MMK to stable from positive, reflecting the impact of Covid-19, and affirmed their 'BBB-' ratings.
The credit rating agency has revised its expectation for Russian GDP in 2020 to a -0.9% contraction from 1.8% growth previously. Moreover, Covid-19 spread prevention measures are weakening steel demand and production.
However, S&P continues to believe that NLMK…
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Anonymous
Very good overview of the weekly steel market.
Anonymous