Ukrainian mining and steel producing group Metinvest has announced its results for 2015.
Accordingly, in 2015 Metinvest recorded a net loss of $1 billion compared to a net profit of $159 million in 2014, principally due to lower revenues, impairment of trade and other receivables, and lower operating foreign exchange gains, while its consolidated revenues totaled $6.83 billion, down 35 percent compared with $10.56 billion in the previous year.
In 2015, revenues from the metallurgical division dropped by 34 percent year on year to $5.407 billion, due to the lower sales of all steel products, while those from the mining division declined by 41 percent year on year to $1.42 billion, mainly due to a slump in prices of iron ore products, as well as lower sales volumes. The metallurgical division accounted for 79 percent of external sales, up by two percentage points, while the mining division accounted for 21 percent, down by two percentage points, both year on year.
The company's adjusted EBITDA in 2015 amounted to $513 million, falling by 81 percent year on year, with an EBITDA margin of eight percent.