Russia-based leading global iron ore and hot briquetted iron producer Metalloinvest has announced its financial results for the first half ended June 30, 2020.
In the given period, Metalloinvest registered a net income of $530 million, decreasing by 48 percent, while the company’s revenue decreased by 14.2 percent to $3.07 billion, both year on year. The fall in revenues was attributed mostly to the significant decline in average prices of all steel products amid the coronavirus pandemic and lower economic activity in the global market.
In the same period, its adjusted EBITDA amounted to $1.06 billion, falling by 24.9 percent compared to the first half of 2019, while EBITDA margin decreased to 36.5 percent from 41.6 percent in the first half of 2019.
Management Company Metalloinvest’s chief financial officer Alexey Voronov stated that the company successfully redistributed its product flows in the first half of the year, and retained a solid EBITDA margin. He also added that the company’s net debt fell by nine percent to $3.4 billion in the same period.