The income of the Dutch mining and metallurgical company Metinvest B.V. (Metinvest) Ukrainian businessmen Rinat Akhmetov and Vadim Novinsky in the first quarter of 2021 increased by 43% compared to the first quarter of 2020 to $ 3.624 billion. This is stated in a message from the company on Monday.
Metinvest's Adjusted Underlying EBITDA in the first quarter increased from $ 373 million in the first quarter of 2020 to $ 1.462 billion in the first quarter of 2021. Baseline profit margins skyrocketed to 40% versus 15% in the same period last year.
Capital expenditures of Metinvest (CAPEX) decreased by a percentage year-on-year to $ 147 million, total debt increased by 11% and amounted to $ 3.273 billion. Net debt rose 9% to $ 2.303 billion.
Earlier it was reported that Metinvest in the first quarter of 2021 reduced steel production by 2% compared to the first quarter of 2020 - to 2.13 million tons. In 2020, the group increased steel production by 9% compared to 2019, to 8.27 million tonnes.
For the 12 months ended December 31, 2020, Metinvest had revenues of $ 10.5 billion and an EBITDA margin of 21%.
Metinvest Group is a vertically integrated group of mining and metallurgical companies that manages every link in the supply chain from mining to ore and coal processing and the production and sale of semi-finished and finished steel products. The Group's structures include mining and metallurgical enterprises located in Ukraine, the European Union, the United Kingdom and the United States, as well as a sales network that covers all major world markets.