Ukrainian mining and steel producing group Metinvest has announced its results for 2016.
Accordingly, in 2016 Metinvest recorded a net profit of $118 million compared to a net loss of $1 billion in 2015, while its consolidated revenues totaled $6.22 billion, down nine percent compared with $6.83 billion recorded in the previous year, driven by lower average selling prices of steel, iron ore and coal products, which hit multi-year lows in the first quarter of 2016.
In 2016, revenues from the metallurgical division dropped by seven percent year on year to $5.02 billion, while those from the mining division declined by 16 percent year on year to $1.19 billion, mainly due to lower sales volumes amid a fall in overall output of iron ore products and coking coal. The metallurgical division accounted for 81 percent of external sales, up by two percentage points, while the mining division accounted for 19 percent, down by two percentage points, both year on year.
Meanwhile, the company's adjusted EBITDA in the given year amounted to $1.15 billion, compared to an adjusted EBITDA of $525 million in the previous year, amid greater finished steel product output and cost reduction, with an EBITDA margin of 19 percent.