International credit ratings agency Moody's has announced that it has affirmed Russian steel producer NLMK’s Baa3 rating, with a stable outlook.The agency underscored that this decision reflects the global scale of the group’s operations, its self-sufficiency in low-cost iron ore, its low costs for steel production and high capacity utilization. Moody’s noted that NLMK’s operating performance was much stronger during 2012 compared with 2011 as a result of the ramp-up of the group’s new production capacity. The stable outlook on the rating reflects, among other factors, the company’s robust credit metrics, strong liquidity profile and conservative financial policy.