Ukrainian mining and steel producing group Metinvest has announced its IFRS financial results for the first half of the current year.
In the given period, Metinvest's consolidated sales revenues totaled $6.18 billion, up 58 percent year on year, amid higher prices, a greater share of in-house product volumes and higher resales. The company's adjusted EBITDA in the first half this year amounted to $1.33 billion, rising by 59 percent year on year.
In the first half, Metinvest’s revenues in Ukraine amounted to $1.67 billion, up 80 percent year on year, driven by recovering demand as the economy continued to grow for the 10th consecutive quarter. Ukraine’s GDP rose by 3.1 percent year-on-year in the first quarter of 2018 and an even stronger 3.8 percent year-on-year in the second quarter. The company said that Europe remains their priority market for steel and iron, accounting for 32 percent of metallurgical sales and 46 percent of mining sales. The Middle East and North Africa region confirmed its status of a fast-growing market, as their sales there doubled year-on-year.
