The Ukrainian mining and steel producing group Metinvest has announced its financial results for the first half of the current year.
In the given period, Metinvest's net profit amounted to $653 million, rising 46 percent compared to the same period of the previous year. In the first half this year, the company's revenues decreased by eight percent year on year to $6.023 billion, primarily driven by declining prices and demand for iron ore products, as well as by a drop in sales of steel products affected by lower crude steel production. The metallurgical division accounted for 78 percent of external sales and the mining division accounted for 22 percent.
During the first six months, the company's adjusted EBITDA amounted to $1.609 billion, up 29 percent year on year, with an EBITDA margin of 27 percent.