Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest has announced its financial results for the second quarter and the first half ended June 30 of the current year.
In the second quarter, Metalloinvest registered a net income of $454 million, rising by 9.1 percent, while its revenue increased by 8.4 percent to $1.96 billion, both quarter on quarter. In the second quarter, Metalloinvest's adjusted EBITDA from continuing operations went up by 20.9 percent to $816 million compared to the first quarter.
In the first half of this year, Metalloinvest registered a net income of $870 million, rising by 48.7 percent, while its revenue increased by 24.6 percent to $3.77 billion, largely attributed to the increase of sales of high value-added (HVA) products (pellets and HBI), both on year-on-year basis. In the given period, Metalloinvest's adjusted EBITDA from continuing operations totaled $1.49 billion, up 40.5 percent year on year, while its EBITDA margin rose to 39.5 percent from 35 percent in the first half of the previous year.
The company stated that in the first half of this year, supportive market conditions and change in product mix towards high value-added products resulted in considerable increase of both mining and steel segments’ EBITDA.