The Outlook change is driven by the continued negative free operating cash flow amid an aggressive investment cycle, and limited visibility on the evolution of credit metrics following the partial consolidation of Martin Metals.

The revised outlook reflects improved operating profitability brought by changes to the product portfolio, resulting in better credit metrics.

The affirmation is driven by the expectation that the ongoing ownership change will have no ratings impact, and Inotal manages to upkeep the comparatively strong financial risk profile amid rapidly changing market conditions.

The affirmation is driven by a strong performance in 2020 and the first quarter of 2021, despite of the pandemic, driven by cost reduction and improved market conditions on the back of higher freight rates and EU anti-dumping duties.

The rating is supported by Inotal's established presence in international markets and flexible production, but is limited by weak product diversity, low margins, limited scale and lack of vertical integration.