Metalloinvest’s sales revenues rise in H1 amid higher iron ore and steel prices

Thursday, 19 August 2021 12:22:54 (GMT+3)   |   Istanbul
       

Russia-based leading global iron ore and hot briquetted iron producer Metalloinvest has announced its financial results for the first half this year, ending June 30.

In the first half this year, Metalloinvest registered a net profit of $2.16 billion, increasing by 308.8 percent, supported by different trends of the Russian ruble-dollar exchange rate and market conditions, while the company’s sales revenues increased by 64.7 percent to $5.06 billion amid higher iron ore and steel product prices, both year on year.

In the same half, its adjusted EBITDA amounted to $2.92 billion, rising by 175.1 percent compared to the first half of 2020, due to the implementation of the comprehensive long-term program to reduce the cost of sales and improve operational efficiency. Metalloinvest’s EBITDA margin in the first half rose to 61.0 percent, from 36.5 percent in the same period of the previous year.

Meanwhile, the company’s crude steel production totaled 2.48 million mt in the first half, down by 2.3 percent year on year as a result of a reduction in the number of working days. In the January-June period, the company’s iron ore production amounted to 20.4 million mt, up by 1.2 percent year on year, due to the optimization of maintenance works and the improved quality of the mined iron ore. The company’s iron ore shipments rose by 0.2 percent year on year to 3.4 million mt. In the same period, the company’s pig iron shipments rose by 1.8 percent year on year to 716,000 mt.

Meanwhile, Metalloinvest will invest over RUB 160 billion in the development of Lebedinsky GOK and Alexey Ugarov OEMK in the 2021-26 period, as a part of the agreement between the company and the Belgorod region on attracting investment for green metallurgy projects, as SteelOrbis previously reported.


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