Metinvest increased revenues by 70% in H1

Revenues in the steel segment went up 65%

Metinvest B.V., the parent company of the Metinvest Group, increased its consolidated revenues in H1 2021 by 70% to $8.47 billion compared to H1 2020, according to the financial results published on the Company’s website.

Increase in revenues in H1 was primarily driven by higher selling prices of steel and iron ore products in line with global benchmarks.

Compared with H1 2020, the Group increased volumes of sales of finished steel products by 12% as a result of a recovery in demand in several strategic markets and implementation of investment projects at steelmaking companies in Mariupol.

Metinvest also boosted iron ore pellet shipments by 36% amid higher pellet premiums globally.

Metinvest B.V.’s steel segment’s revenues was $6.4 billion in H1 2021, 65% up from H1 2020.

The Group’s EBITDA increased by a factor of 5.3 to $3.795 billion compared to H1 2020. The steel segment’s EBITDA amounted to $1.74 billion, which is by a factor of 7.3 more than in the period of from January to June last year.

The Group’s capital investment increased by 31% to $411 million against H1 2020.

Metinvest B.V.’s debts reduced by 16% to $2.459 billion against the period from January to June last year. The amount of cash increased by 75% to $1.443 billion.

“Against a backdrop of global economic recovery and rising commodity prices, the Group delivered commendable results in the first half of 2021.  Financially, … the numbers were also decent. Consolidated revenues increased by 70% y-o-y, driving a rise in profitability. The positive effect of operational improvement amounted to $368 million in the reporting period. Capital investment reached $411 million in the first half of 2021, which is 31% more than in the first half of the previous year,” said Yuriy Ryzhenkov, Metinvest’s CEO.

In 2020, Metinvest B.V. increased its net profit by 54% to $526 million y-o-y. Its revenues 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%).