Ukrainian mining and steel producing group Metinvest has announced its IFRS financial results for the first quarter of the current year.
In the given period, Metinvest's consolidated revenues totalled $3.134 million, down three percent year on year. The drop was mainly due to a decline of $98 million in sales of coal products by the mining division. The metallurgical division accounted for 73 percent of external sales (compared with 70 percent in the first quarter of 2012), while the mining division accounted for 27 percent (compared with 30 percent in the first quarter last year). The company's adjusted EBITDA in the first quarter this year amounted to $460 million, down 14 percent year on year, with an EBITDA margin of 15 percent.
In the given period, Metinvest's crude steel production decreased by six percent to 3.101 million mt compared to the first quarter of 2012. In addition, in the first three months of the current year Metinvest also produced 2.896 million mt of coking coal, down two percent year on year. Iron ore concentrate production rose one percent year on year to 9.325 mt in the first three months of this year.