Ukrainian mining and steel producing group Metinvest has announced its financial results for the first quarter of the current year.
In the first quarter, the company’s sales revenue rose by 43 percent year on year to $3.62 billion, driven by higher prices of steel and iron ore products. Meanwhile, Metinvest reported EBITDA of $1.46 billion for the first quarter, compared to $373 million in the same period of the previous year, while its EBITDA margin rose to 40 percent from 15 percent in the corresponding period last year. The company’s total debt increased by 11 percent year on year to $3.27 billion in the given period.
The company’s sales volumes of flat products in the given quarter increased by six percent year on year, as a result of a recovery in demand in several strategic markets, as well as recently realized investments. The company’s pellet shipments also increased by 34 percent amid higher pellet premiums globally.
In the given period, the company’s mining segment’s revenues rose by 72 percent year on year to $892 million, due to higher prices of iron ore and greater shipments of pellets.