Ukrainian mining and steel producing group Metinvest has announced its financial results for the first quarter of the current year.
Accordingly, in the January-March period, Metinvest’s consolidated revenues declined by 11 percent year on year to $2.536 billion, primarily due to a drop in prices in line with global benchmarks, lower resale volumes and the effects of the Covid-19 pandemic, in general. However, the company managed to boost its revenues from iron ore due to increased sales volumes and higher selling prices amid global supply disruptions.
In the given period, revenues from the metallurgical division fell by 14 percent year on year to $2.018 billion, while those from the mining division totaled $518 million, down two percent year on year.
Meanwhile, the company's EBITDA in the first quarter amounted to $373 million, falling by 14 percent compared to the corresponding period of the previous year, SteelOrbis has learned.
In the first quarter, Metinvest successfully proceeded with the upgrade of the hot strip mill 1700 and the construction of the air separation at Ilyich SW, re-equipment of beneficiation facilities at Central GOK, the construction of crusher and conveyor systems at Northern GOK and Ingulets GOK, and with the upgrade of the roasting machine OK-306 at Northern GOK.