Metalloinvest Net Income Shrinks by 50% in Jan-Sep 2020
MetalloinvestTorex NPVP

Metalloinvest Net Income Shrinks by 50% in Jan-Sep 2020

Russian mining and metallurgy company Metalloinvest has announced unaudited results for the third quarter and nine months ended 30 September

Russian mining and metallurgy company Metalloinvest has announced unaudited results for the third quarter and nine months ended 30 September 2020. Metalloinvest Deputy CEO & Chief Financial Officer Mr Alexey Voronov said “In the nine months of 2020, the Company’s results were expectedly under pressure due to the deterioration of economic activity in global markets, which primarily affects the structure of markets and prices, driven by increased transportation costs. At the same time the Company was able to decrease costs by 17%, which allowed maintaining a solid EBITDA margin of 35.7%. The sales markets grew in Q3, EBITDA increased 9% compared to Q2 2020. We expect positive dynamics to continue in 2020. Company maintained a comfortable level of leverage and a solid liquidity reserve.”

Financial Highlights

Revenue USD 4,572 million, -14.2% YoY

EBITDA USD 1,632 million, -22.8%

EBITDA margin 35.7% vs 39.7% in 9M 2019

Net Income USD 752 million, -49.3%

Production Highlights

Iron ore 30.4 million tonnes, +1.0%

Pellets 20.8 million tonnes, -2.2%

HBI/DRI 5.8 million tonnes, -2.4%

Hot metal 1.8 million tonnes, -13.0%

Crude steel 3.7 million tonnes, +3.1%

Related Stories

SteelGuru Business News
www.steelguru.com