Revenues in the steel segment went up 35% in 3M
Metinvest B.V., the parent company of the Metinvest Group, increased its consolidated revenue by 43% to $3.6 billion in Q1 y-o-y, according to the financial results published on the Group’s website.
This was driven primarily by higher selling prices of steel and iron ore products in line with global benchmarks.
The Group increased sales volumes of flat products by 6% y-o-y, as a result of a recovery in demand in several strategic markets for the Group, as well as recently realized investment projects.
Metinvest also boosted pellet shipments by 34% y-o-y, amid higher pellet premiums globally.
The steel segment’s contribution in revenues in January–March was $2.7 billion, 35% up y-o-y.
Consolidated EBITDA in January–March amounted to $1.462 billion, a 3.9-fold increase. The steel sector’s contribution was $660 million.
Metinvest’s capital investment remained almost unchanged y-o-y at $147 million in Q1 2021.
Metinvest B.V.’s debts grew by 11% to $3.273 billion against Q1 last year. The amount of cash dropped by 17% to $970 million.
In 2020, Metinvest B.V. increased its net profit by 54% to $526 million y-o-y. Its revenue in 2020 was $10.45 billion, 3% down from 2019.
Metinvest Holding LLC is the managing company of the Metinvest Group. The major shareholders of Metinvest are its co-managing companies SKM Group (71.24%) and Smart Holding (23.76%).