Russia-based leading global iron ore and hot briquetted iron producer Metalloinvest has announced its financial results for the first half of this year.
In the given period, the company registered a net profit of RUB 60.52 billion ($682.87 million), rising by 62.9 percent, while its sales revenues amounted to RUB 246.73 billion ($2.78 billion), up by 12.6 percent, both on year-on-year basis. Moreover, Metalloinvest’s EBITDA increased by 3.7 percent year on year to RUB 104.10 billion ($1.17 billion).
According to the statement, the company’s financial position was significantly impacted by global iron ore and steel prices. Iron ore prices in the first quarter decreased by four percent quarter on quarter amid lower production in China due to the problematic situation on the country’s real estate market, as well as signs of recovery in supply volumes from Brazil. Also, in the first quarter, global steel prices showed a slight increase of two to three percent quarter on quarter. However, in the second quarter, global iron ore prices continued to decline, while steel prices stabilized.