As per its financial results according to international financial reporting standards (IFRS) for the third quarter of the current year, Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest saw its net profit decline by 25.4 percent compared to the second quarter of this year to $258 million. In the July-September period this year, the company's revenues decreased by six percent compared to the second quarter to $1.751 billion.
Metalloinvest's EBITDA decreased by 26.3 percent quarter on quarter to $480 million in the third quarter this year, while its EBITDA margin, which had been 35 percent in the second quarter this year, declined to 27.4 percent in the third quarter of the current year.
In Q3 2013, the company's capital expenditure amounted to $119 million, a reduction of 19.1 percent quarter on quarter.
Construction of pellet plant No. 3 at MGOK constituted a major part of capital expenditure. The construction of technological pipe for the pelletizing machine and the launching of the complex for limestone and bentonite storage have been completed. The pellet plant No. 3 project will increase the company's pellet production capacity by 5 million mt per annum when completed.