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|Metalloinvest Achieves Steady Performance amid Adverse Wind|
|= It maintained a EBITDA margin of the 30% level and its rating was upgraded =|
According to the consolidated financial results in the quarter of April-June released by Metalloinvest of Russia, its revenue was US$3,533 million, down 7.7% from the same period last year, its EBITDA (earnings before interest, taxes, depreciation and amortization) was $1,087 million, down 11.6% ditto, and its net income was $549 million, down 11.6% ditto, which resulted in decreased sales and profit. However, the company maintained its EBITDA margin of the 30% level to 30.8% (32.3% in the same period last year), and the ratio of net debt/EBITDA was 2.32 times being improved from 2.43 times at the end of December last year. Its rating was upgraded to BB from BB- by S&P and Fitch rating agencies.|
On its performance in that quarter, Pavel Mitrofanov, CFO of the company, commented, "Our robust financial results represent the successful efforts, focused on financial stability and market position in the high value-added segments," and, "Despite the significant decline in iron ore prices, we have managed to maintain our EBITDA margin above 30%," and so on.
Its operational results (production) in the first half of the year were 19,300 thousand tons (abbreviated as t/t) of iron ore, up 0.7% from the same period last year, 11,500 t/t of pellets, up 3.2% ditto, 2,800 t/t of reduced iron (HBI and DRI), up 2.9% ditto, 1,100 t/t of pig iron, up 0.8% ditto and 2,300 t/t of crude steel, down 4.5% ditto.
And, on the current status of its facility expansion which the group companies are promoting, assembly works at the No.3 pellet plant of MGOK are ongoing, the No.3 HBI plant of LGOK is under construction, and installation of equipment for an oxygen station of OEMK, an electric furnace mill, was completed.
The company concluded a long-term contract with the Kosaya Gora Iron Works of KOKS Group, and in addition, the company has strengthened further its good cooperation with EVRAZ, Severstal and MMK.
The company is a leading vertically-integrated steel manufacturer in Russia literally from the upstream to downstream to manage pellet plants, reduced iron plants, integrated blast furnace mills, electric furnace and rolling mills as well as iron ore mines.
|last modified : Tue 02 Sep, 2014 [10:33]|