Message from the Chairman of the Board
Dear shareholders, partners and colleagues!
Metalloinvest’s efforts in 2014 were aimed at developing its production assets and achieving robust financial results. In spite of challenging economic conditions, such as the ruble devaluation and price falls in all of our markets, the company reached its targets and maintained its strong financial footing.
During the reporting period, Metalloinvest strengthened its leading positions on the international and Russian markets for metallised and iron ore products, and increased sales of high-quality rolled steel. This was the result of effective management at all levels, the well coordinated work of our highly-qualified production staff, and the consistent execution of our strategic investment programme.
The ratings agencies attested to Metalloinvest’s financial stability when Standard & Poor’s and Fitch upgraded the company’s credit rating to BB in February 2014 and May 2014, respectively. The Board of Directors continued to collaborate closely with the Company’s management, having formed its own Compensation and Benefits Committee, which was created to ensure that our employees remain motivated in their work. The Board of Directors’ main priorities in 2014 were as follows:
- Revision of the Company’s long-term strategy;
- Accelerated integration of corporate governance and production best practices at the Company’s enterprises;
- Implementation of strategic investment projects;
- Effective cooperation of the Company with investors and other key stakeholders in the regions where Metalloinvest operates.
In the future, we will continue to develop our strategic projects aimed at supporting and growing our production capabilities, minimising costs, improving our market positions, protecting the Company’s long-term financial stability and increasing shareholder value.
I would like to thank all of Metalloinvest’s employees for their invaluable efforts in achieving such strong results in 2014.
Chairman of the Board
of Directors Management
Company METALLOINVEST LLC