Global credit rating agency Fitch Ratings has announced that it has revised Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest’s outlook to positive from stable and affirmed its long-term issuer default rating (IDR) at 'BB'.
According to Fitch, the outlook revision of Metalloinvest reflects its continued financial improvement, recovery in the global iron ore and steel markets driven by supply-side reforms in China, and increased preference towards higher-grade iron ore products that the group produces. It also reflects stronger demand for steel and an improved product mix.