NLMK signs settlement agreement with the United States Government
21 November 2020
NLMK Indiana and NLMK Pennsylvania (hereinafter referred to as NLMK USA), NLMK Group’s American division companies, have reached an amicable settlement with the United States Government resolving NLMK’s lawsuit challenging the Department of Commerce’s denial of NLMK’s requests for exclusion from Section 232 steel tariffs.
NLMK filed the suit in the United States Court of International Trade on February 27, 2020. It covered 86 requests for slab exclusions submitted by NLMK USA in 2018. The Department of Commerce denied NLMK’s exclusion requests based on statements and representations from other US steel companies that they were willing and able to supply the products NLMK USA required. NLMK USA challenged this, insisting that American mills did not manufacture the products in the quality and quantity required.
In the settlement, without admitting that it had acted improperly, the Government agreed to refund to NLMK USA a significant portion of the tariffs it had paid, with accrued interest.
NLMK Group operates three steel mills in Indiana and Pennsylvania. NLMK has invested more than $800 million in these facilities, ensuring employment for more than 1100 workers. The facilities’ production capacity is 0.8 million tonnes of steel and 2.9 million tonnes of rolled products.
About NLMK Group
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.The Company has investment grade credit ratings from S&P, Moody’s, Fitch, and RAEX (Expert RA).
NLMK’s ordinary shares with a 18.6% free-float are traded on the Moscow Stock Exchange (ticker "NLMK") and its global depositary shares are traded on the London Stock Exchange (ticker "NLMK:LI"). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUB1. For more details on NLMK shareholder capital, please follow the link.