Russia ups Lowe's Russia

MMK: EBITDA $1 bln growth, free-float not priced in?

Sources: Bloomberg, ITI CapitalOn December 8, the company held an “MMK Online. Fireside chat with the leadership team” event.Chairman of the Board of Directors Victor Rashnikov and CEO Pavel Shilyaev discussed market trends, as well as the latest corporate developments and the group’s strategic view for 2025.We assume the event provided a positive backdrop, as expected.Viktor Rashnikov, MMK's main beneficiary and BoD Chairman, said that 4Q20 MMK's capacity utilization rate is 100% (90% in September) and the company expects to maintain it through 1Q21.MMK expects Russian steel consumption to grow by 5.9% yoy in 2021, sees a 2.2%  average annual growth rate in 2019-2025 and 3% in 2020-2025.The domestic market environment is characterised as.

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