Metinvest in 2019 increased steel smelting by 3%
Dutch steel and mining company Metinvest B. V. (Metinvest) Ukrainian businessmen Rinat Akhmetov and Vadim Novinsky steel production increased in 2019 to 3% to 7,578 million tons. While steel production at the Mariupol metallurgical combine "Azovstal" has decreased on 2% - up to 4.016 million tonnes, while steel production at MMK im.Lenin grew by 10% and amounted to 3,562 million tons.
"From the point of view of operating activities for the year we achieved decent results," said Yuriy Ryzhenkov, CEO of Metinvest.
At the same time, the downturn in the steel market in the fourth quarter significantly affected the volume of steel production, product portfolio and financial performance of the group. Additional problems for Metinvest, Ukraine from exporting most of its products, has created a strengthening of the Ukrainian currency by 12% against the US dollar.
as a result, Metinvest's revenues fell by 9% compared to last year to 10,757 billion dollars, and EBITDA – on 52%, to 1,213 billion.
"All of our EBITDA in 2019 was provided by the Mining segment, which compensated for the negative results of metallurgists," said Ryzhenkov.