Metinvest Announces Financial Results for 2020
Ukrainian steel group Metinvest has released its audited IFRS consolidated financial statements for the 12 months ended 31 December 2020. Metinvest
Ukrainian steel group Metinvest has released its audited IFRS consolidated financial statements for the 12 months ended 31 December 2020. Metinvest CEO Mr Yuriy Ryzhenkov said “Last year, the COVID-19 pandemic brought much of the global economy to a standstill. I am proud to report that Metinvest again proved able to navigate profound market challenges. After ensuring the safety of our people, the next task in our COVID-19 response was to maintain uninterrupted production across our assets. We ultimately delivered strong operational results, reflecting the positive effect of investments implemented in recent years. We achieved higher margins and carried out key investment projects.”
Revenues – USD 10,453 million down 3% YoY
Adjusted EBITDA - USD 2,204 million up 82% YoY
Margin - 21% up 10 pp
Net profit - USD 526 million up54% YoY
2020 Production Results
Crude steel - 8.268 million tonnes up 9% YoY
Azovstal - 4.194 million tonnes up 4% YoY
Ilyich Steel - 4.074 million tonnes up 14% YoY
Iron ore concentrate - 30.501 million tonnes up 5% YoY
Northern GOK - 12.739 million tonnes up 4% YoY
Ingulets GOK - 12.858 million tonnes up 4% YoY
Central GOK - 4.904 million tonnes up 10% YoY
Coking coal concentrate - 2.883 million tonnes down 3% YoY
United Coal - 2.883 million tonnes down 3% YoY
2020 Operational Highlights
Due to the pandemic, Metinvest Trametal and Ferriera Valsider in Italy shut down production operations from March 25 to April 12 and April 30, respectively.
Metinvest completed numerous CAPEX projects, including the upgrade of Central GOK’s beneficiation plant. This project unlocked production of iron ore concentrate with 70.5% Fe content and pellets with 67.5% Fe content used in direct reduced iron (DRI) technology.
The Group has extended its raw material production base by increasing stakes in assets that then became subsidiaries. Dnipro Coke is a Ukrainian producer of coke and chemicals, while Zaporizhia Refractories is a Ukrainian producer of refractory products and materials.