Moody's Investors Service has changed the outlook for NLMK's Ba1 corporate family rating and the outlook on NLMK's Aa1.ru national scale rating to “positive” from “stable”.

This rating action reflects the fact that the company continues to demonstrate solid financial results and it maintains conservative financial policy in 2009 in spite of the challenging global environment for steel producers, the agency said in press-release. Moody’s decision has confirmed the company’s high credit quality and reflects the fact that the company continues to have one of the lowest level of debt and leverage among peers.

Moody's notes that the company continues to demonstrate improving profitability, sound liquidity profile, and conservative financial metrics. The material improvements of the steel market in the 2H 2009 continues into 1Q and 2Q 2010 which should help to further enhance the credit profile of NLMK.