As per its financial results according to international financial reporting standards (IFRS) for the first nine months of the current year, Russia-based leading global iron ore and hot briquetted iron (HBI) producer Metalloinvest saw its net profit rise by 53.8 percent compared to the same period of the previous year to $1.08 billion.
In the January-September period this year, the company's revenues increased by 52.4 percent year on year to $4.55 billion. Dollar-denominated revenue growth was mainly due to the surge in global iron ore and steel prices, ruble appreciation and a change in the company's product mix.
Metalloinvest's EBITDA went up by 80.8 percent year on year to $1.54 billion in the first nine months, while its EBITDA margin, which had been 28.6 percent in the same period last year, rose to 33.9 percent. Consolidated EBITDA growth is mostly attributable to the two-fold increase of the mining segment EBITDA, following the launch of the HBI-3 plant, which produces high value-added HBI.