Ukrainian mining and steel producing group Metinvest has announced its IFRS financial results for the first quarter of the current year.
In the given period, Metinvest's consolidated sales revenues totaled $3.02 billion, up 63 percent year on year, driven primarily by higher selling prices, which followed global benchmarks. In addition, stronger demand spurred greater sales volumes of pig iron, slabs, flat products, coke and pellets. The metallurgical division accounted for 86 percent of external sales (up six percentage points compared to the first quarter of the previous year), while the mining division accounted for 14 percent (down 14 percentage points compared to the first quarter of 2017). The company's adjusted EBITDA in the first quarter this year amounted to $649 million, rising by 61 percent year on year.
In the first quarter, Metinvest’s revenues in Ukraine amounted to $837 million, up 81 percent year on year, primarily due to higher selling prices, as well as higher sales volumes of flat products amid greater local demand. International sales accounted for 72 percent of consolidated revenues in the same period. Sales to Europe rose by 55 percent year on year to $1.06 billion amid higher realized prices of steel products and pellets, as well as greater sales volumes of semi-finished products and iron ore products. Meanwhile, sales to the Middle East and North Africa (MENA) climbed by 87 percent compared to the same period of the previous year to $570 million due to higher selling prices of flat products and greater sales volumes of square billets, flat products and pig iron.