Ukrainian mining and steel producing group Metinvest has announced its results for 2014.
Accordingly, in 2014 Metinvest's net profit decreased by 59 percent to $159 million due to higher financial costs, while its consolidated revenues totalled $10.565 billion, down 18 percent compared with $12.807 billion in 2013.
Revenues from the metallurgical division dropped by 16 percent to $8.165 billion, while those from the mining division declined by 22 percent to $2.4 billion, mainly due to a slump in crude steel output followed by lower volumes sold and lower prices for iron ore products. The metallurgical division accounted for 77 percent of external sales (76 percent in 2013) and the mining division for 23 percent (24 percent in 2013).
The company's adjusted EBITDA in 2014 amounted to $2.702 billion, up 14 percent year on year, with an EBITDA margin of 26 percent.