Ukrainian mining and steel producing group Metinvest has announced its financial results for the first quarter of the current year, registering an EBITDA of $118 million, down 65 percent year on year, driven by declines in both the metallurgical and mining divisions.
In the given period, Metinvest's sales revenues decreased by 29 percent year on year to $1.28 billion primarily due to a fall in sales of flats, semi-finished steel, iron ore, coke and chemical and tubular products. The metallurgical division accounted for 79 percent of external sales and the mining division for 21 percent.
In the first quarter, Metinvest’s sales revenues in Ukraine totaled $280 million, down 18 percent year on year, mainly driven by lower selling prices of key products, partly offset by higher sales volumes of flats, longs, coke and chemical and iron ore products. Meanwhile, the company’s international sales decreased by 32 percent to $1 billion in the same quarter and the share of exports in consolidated revenues dropped by three percentage points year on year to 78 percent. The most significant declines were recorded in the Middle East and North Africa, Southeast Asia, North America and the CIS region.