The Ukrainian mining and steel producing group Metinvest has announced its financial and operational results for the first quarter of 2012, posting a net profit.
In the given quarter, Metinvest's net profit increased to $170 million, up 5.3 percent compared to the same quarter of the previous year, while its sales revenues reached $3.21 billion, up one percent year on year. The steel segment accounted for 70.7 percent of external sales, while the mining segment made up 29.3 percent. The company's adjusted EBITDA amounted to $538 million, with an EBITDA margin of 16.7 percent.
In the given period, Metinvest's crude steel production decreased by 8.7 percent to 3.29 million mt compared to the first quarter of 2011. In addition, in the first quarter this year Metinvest also produced 2.9 million mt of coking coal, up 10.7 percent year on year.
Early this week, Metinvest also announced that it has opened a steel service centre in Vinnitsa, its second steel service centre located in western Ukraine, offering rebars, angles, beams, channels, plates, pipes and other rolled steel products.