Ukrainian mining and steel producing group Metinvest has announced its financial results for 2020, registering a net profit of $526 million compared to $341 million in 2019. Last year, the company’s sales revenue fell by nine percent year on year to $10.45 billion.
Meanwhile, Metinvest reported EBITDA of $2.20 billion for the full year, increasing by 82 percent compared to $1.21 billion in the previous year, while its EBITDA margin rose to 21 percent from 11 percent in 2019. The company’s total debt decreased by three percent year on year to $2.94 billion in the given year.
In 2020, Metinvest achieved higher margins and carried out key investment projects, despite the effects of the pandemic. “We ultimately delivered strong operational results, reflecting the positive effect of investments implemented in recent years. Key projects completed include launching the new down coiler at Ilyich Steel’s modernized hot strip mill and upgrading the beneficiation facilities at Central GOK. We are carrying out a planned review of the Technological Strategy 2030 to ensure that projects bring maximum benefits,” commented Yuriy Ryzhenkov, CEO of Metinvest. In 2020, the company contributed to the Paris Agreement and European Green Deal by completing the modernization of its subsidiary Ilyich Steel’s sinter plant, the statement noted. The company will mainly focus on operational efficiency in 2021. Metinvest stated that it is also working to maintain strong liquidity.
In the given year, Moody’s upgraded Metinvest’s credit ratings to ‘B2’ and S&P affirmed ‘B’, both with a ‘stable’ outlook, while Fitch charged its outlook on Metinvest’s corporate family rating to ‘negative’, affirming its ‘BB-’ rating.