The Ukrainian mining and steel producing group Metinvest has announced its unaudited consolidated financial results for the first six months of 2012.
In the given period, Metinvest's net profit decreased to $334 million, down 71 percent compared to the same period of the previous year, while its consolidated revenues totaled $6.743 billion, down four percent year on year. The decrease in consolidated revenues was a result of a six percent decline in revenues of Metinvest’s metallurgical division and a two percent increase in revenues of its mining division. The metallurgical division accounted for 73 percent of external sales (compared with 75 percent in the first half of 2011), while the mining division accounted for 27 percent (compared with 25 percent in the first half of 2011). The company's adjusted EBITDA in the first half this year amounted to $1.085 billion, down 47 percent year on year, with an EBITDA margin of 16 percent.
In the given period, Metinvest's crude steel production decreased by eight percent to 6.747 million mt compared to the first half of 2011. In addition, in the first half of the current year Metinvest also produced 6.114 million mt of coking coal, up 11 percent year on year. Iron ore concentrate production rose two percent year on year to 18.217 mt in the first six months of this year