Metinvest sees improved net profit in 2011
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The Ukrainian mining and steel producing group Metinvest has announced its financial and operational results for 2011, registering an improved net profit.
In 2011, Metinvest's net profit increased to $1.85 billion compared to $437 million in the previous year, while its sales revenues reached $14.18 billion, up 51.6 percent compared to the previous year. The steel segment accounted for 72.7 percent of external sales, while iron ore made up 19.8 percent. The company's adjusted EBITDA increased by 39.7 percent year on year to $3.56 billion, with an EBITDA margin of 25.1 percent.
In the given period, crude steel production increased by 64.4 percent to 14.37 million mt compared to 2010. In addition, in 2011 Metinvest also produced 11.33 million mt of coking coal, up 12.3 percent year on year.