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Underlying profit (EBITDA) of Metinvest in 2020 increased by 82%

Ukraine / Business and Finance

The Netherlands mining and metallurgical holding with assets in Ukraine has announced the results of its financial activities under IFRS in 2020.

Underlying profit (EBITDA) of Metinvest in 2020 increased by 82%

Mining and metallurgical segments of Metinvest B.V. (Metinvest) showed high profitability in 2020. Profit before taxes and other mandatory payments (EBITDA) increased 82% year-on-year to $ 2.204 million, while EBITDA margin increased 10 percentage points from a year ago to 21%.

“I can proudly say that Metinvest has once again proved its ability to overcome complex market challenges. Metinvest Group achieved higher profitability indicators and implemented key investment projects, ”said Yuri Ryzhenkov, CEO of Metinvest.

The mining and metallurgical holding of Rinat Akhmetov and Vadim Novinsky is optimistic about 2021, as the start of vaccination campaigns around the world will be a key condition for a large-scale economic recovery.

“Along with the implementation of the investment program, in 2021 we will continue to work to maintain and improve the operational efficiency indicators achieved at the cost of great efforts. We are also working to maintain high liquidity and continue to consider options for further strengthening vertical integration, "Ryzhenkov said.

Recall that in 2020 Moody 's revised the credit rating of Metinvest Group to B2 (outlook stable), S&P affirmed Metinvest's rating at B (outlook stable) and Fitch affirmed the rating at BB– (negative outlook).

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