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 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%