Metalloinvest Finance Designated Activity Company
Metalloinvest Finance Designated Activity Company: METALLOINVEST ANNOUNCES H1 2019 IFRS FINANCIAL RESULTS
Metalloinvest Finance Designated Activity Company (IRSH) METALLOINVEST ANNOUNCES H1 2019 IFRS FINANCIAL RESULTS Moscow, Russia – 22 August 2019 – Metalloinvest (‘the Company‘), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, publishes its IFRS financial results for the half year ended 30 June 2019. Management comments Alexey Voronov, Finance Director of Management Company Metalloinvest, commented: “In H1 2019, the industry was impacted by different dynamics of global prices for iron ore and steel. Metalloinvest’s Mining Segment EBITDA increased by 25% to USD 1.3 bn. This was driven by the favourable iron ore pricing environment and the increase in the share of high value-added products in the Company’s sales structure. Meanwhile, the Company’s consolidated EBITDA decreased by 5% as a result of the significant decrease of Steel Segment profit following the decline in global steel prices. At the same time, the Company’s consolidated EBITDA margin remained above 39%, which is the result of our work on costs control and optimised production planning in accordance with the market demand. The Company‘s leverage remains at a comfortable level – Net Debt / EBITDA LTM was 1.25x at the end of the reporting period. Long-term borrowings prevail in the loan portfolio structure owing to our constant optimisation work.“ FINANCIAL HIGHLIGHTS
PRODUCTION HIGHLIGHTS
KEY CORPORATE HIGHLIGHTS Operational developments and capital expenditure
Financing
Social responsibility and corporate governance
Full press release and financial statements are available at: http://www.metalloinvest.com/en/investors/financial-results/
For further information, please contact: Artem Lavrischev T: +7 (495) 981-55-55
Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world’s second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers. Metalloinvest is wholly owned by USM Holdings. The main beneficiaries of USM Holdings are Alisher Usmanov (49%) and Vladimir Skoch (30%). |
ISIN: | XS0918297382 |
Category Code: | MSCL |
TIDM: | IRSH |
Sequence No.: | 17677 |
EQS News ID: | 861751 |
End of Announcement | EQS News Service |