Ukrainian mining and steel producing group Metinvest has announced its financial results for the first nine months of the current year.
In the first nine months, the company’s sales revenue rose by 78 percent year on year to $13.56 billion, driven by higher prices of steel and iron ore products. Meanwhile, Metinvest reported EBITDA of $6.10 billion for the first nine months, compared to $1.37 billion in the same period of the previous year, while its EBITDA margin rose to 45 percent from 18 percent in the corresponding period last year. The company’s total debt decreased by 24 percent year on year to $2.24 billion in the given period.
The company’s sales volumes of finished steel products in the given period increased by nine 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 28 percent.
In the given period, the company’s mining segment’s revenues rose by 78 percent year on year to $2.92 billion, due to higher prices of iron ore.