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Metinvest's profitability grows up to 40% in the first quarter of 2021

Ukraine / Business and Finance
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The company's debt burden ratio, which shows the ability to pay on existing loans and borrowings, "Net debt /EBITDA" decreased from 1.0 to 0.7x.

Metinvest's profitability grows up to 40% in the first quarter of 2021

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.

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