Metalloinvest Net Income in H1 of 2021 up 300% YoY
Leading Russian iron ore, HBI producer & steel Metalloinvest announced that its revenue reached USD 5,064 million in H1 of 2021, increasing 64.7% YoU amid a favourable price environment for iron ore and steel products. The Russian market’s share of revenue increased to 37%. EBITDA amounted to USD 2,916 million, up 175.4% YoY and exceeding the result for all of 2020. The increase was driven by higher revenue as well as the impact of measures to improve operating efficiency. The Company achieved its highest-ever EBITDA margin with a YoY increase of 24.5 p.p. to 61.0%. Net income reached USD 2,167 million, an increase of 308.8% YoY. Metalloinvest CEO Mr Nazim Efendiev said “In the first half of 2021, we witnessed an impressive recovery in business activity and industrial production around the world. The effect of deferred demand as well as the various stimulating measures taken by many leading countries, including Russia, enabled the high utilisation of production capacities along the entire value chain in the metals & mining sector. As a result, against the background of faster growth in global steel consumption relative to production, an exceptionally favourable pricing environment developed in the Company’s main sales markets. This factor, combined with the efforts of management to control costs and implement operational efficiency best practices, enabled the Company to deliver remarkable financial results.”
Iron ore production amounted to 20.4 million tonnes, an increase of 1.2% YoY
Pellet production remained unchanged and amounted to 14.1 million tonnes.
The Company adopted a Climate Strategy and announced its commitment to achieving carbon neutrality by 2050.