EuroChem

EuroChem is one of Russia’s largest fertilizer producers, making mainly nitrogen and phosphate fertilizers. EuroChem has a number of good assets in Russia located close to port facilities in the Baltic, White and Black Seas. The company is vertically integrated, mines large quantities of high-quality phosphate rock, produces iron ore as a byproduct and currently is implementing two large greenfield potash mining projects. Similar to all other Russian fertilizer producers, the company exports around 80% its output.

EuroChem is a private company, 90% of its shares owned by Andrei Melnichenko (the ex-owner of MDM Bank and current owner of coal miner SUEK) and CEO Dmitri Strezhnev (holding some 5-10%). A 10% stake is in treasury stock. The company’s owners have planned to execute an IPO for quite some time. Despite being private, EuroChem has very high transparency.

EuroChem’s financial profile is quite conservative, and the company has BB credit ratings from S&P and Fitch. The company currently has one outstanding Eurobond and several local bond issues with total outstanding volume of around $1 bln.

 
 
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