Russia-based leading global iron ore and hot briquetted iron producer Metalloinvest has announced its financial results for the third quarter and the first nine months ended September 30 of the current year.
In the third quarter this year, Metalloinvest registered a net income of $375 million, declining by 25.4 percent, while the company’s revenue increased by 2.6 percent to $1.56 billion, both year on year. In the third quarter, its adjusted EBITDA amounted to $693 million, rising by 43.3 percent compared to the third quarter in 2017.
In the first nine months, Metalloinvest registered a net income of $1.24 billion, rising by 14.3 percent, while its revenue increased by 17.3 percent to $5.3 billion, both year on year. According to the company’s report, the increase in revenue in this period was a result of the increase in average prices of all iron ore products as well as of pig iron and steel products, due to the growth in global prices. In the same period, the company’s adjusted EBITDA amounted to $2.18 billion, rising by 41.4 percent year on year, while its EBITDA margin rose to 40.9 percent from 33.9 percent in the same period of the previous year.