According to the preliminary data issued by the Ukrainian association of metal producers Metallurgprom, in Q1 2009 Ukrainian steelmakers registered losses of UAH 2.3 billion (approx. $294 million) compared to profits of UAH 2.7 billion (approx. $345.05 million) registered in the first quarter of last year.
During the period in question, the Ukrainian steel producers' sales income decreased by 30 percent year on year, while the steel mills' profitability dropped by 18.1 percent year on year to minus 8.5 percent.
In addition, in Q1 2009 the Ukrainian steelmakers' accounts receivable increased by more than 48 percent, or by UAH 13 billion (approx. $1.66 billion), while their account payable went up by about 70 percent, or by UAH 15 billion (approx. $1.917 billion).
Meanwhile, the state budget's debts for VAT compensations to steel producers continue to increase, amounting to UAH 3.1 billion (approx. $396.17 million) as of April 1, 2009, compared to UAH 2.5 billion (approx. $319.5 million) for the same period last year.
$1 = UAH 7.825