Ukrainian mining and steel producing group Metinvest has announced its results for the first nine months of the current year.
Accordingly, in the January-September period, Metinvest’s consolidated revenues totaled $8.5 billion, down six percent year on year, primarily due to a drop in realised steel prices in line with global benchmarks, as well as lower resale volumes. This was partly compensated by greater sales volumes of in-house steel products following a change in the product mix, mainly due to the launch of the continuous casting machine No. 4 at Ilyich Steel, which allowed the plant to use greater volumes of hot metal for steelmaking and downstream production instead of pig iron. In addition, the group boosted its revenues from iron ore due to higher volumes and increased selling prices amid global supply disruptions.
In the given period, revenues from the metallurgical division went down by 11 percent year on year to $6.85 billion, while those from the mining division increased by 21 percent year on year to $1.63 billion. The metallurgical division accounted for 81 percent of external sales, down by four percentage points, while the mining division accounted for 19 percent, up by four percentage points, both year on year.
Meanwhile, the company's adjusted EBITDA in the given period amounted to $1.23 billion, falling by 39 percent compared to the corresponding period of the previous year.
