Metinvest’s revenues up 33% in 2018 amid higher steel prices and stronger demand

Monday, 25 March 2019 17:03:29 (GMT+3)   |   Istanbul
       

Ukrainian mining and steel producing group Metinvest has announced its results for 2018.

Accordingly, in 2018 Metinvest recorded a net profit of $1.2 billion compared to a net profit of $617 million in 2017, while its consolidated revenues totaled $11.8 billion, up 33 percent year on year, due to an enhanced focus on primary markets.

In the given year, revenues from the metallurgical division went up by 36 percent year on year to $10 billion, while those from the mining division increased by 19 percent year on year to $1.8 billion, mainly due to higher steel selling prices and stronger demand for Metinvest’s products. The metallurgical division accounted for 85 percent of external sales, up by two percentage points, while the mining division accounted for 15 percent, down by two percentage points, both year on year. 

Meanwhile, the company's adjusted EBITDA in the given year amounted to $2.5 billion, rising by 23 percent compared to 2017, with both steel and mining segments contributing equally.


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