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Metalloinvest announces 2018 IFRS financial results

Steel News - Published on Fri, 15 Mar 2019

Image Source: Mediacity
Metalloinvest has published its audited IFRS financial results for the full year ended 31 December 2018. Andrey Varichev, CEO of Management Company Metalloinvest, said “In 2018, the Company continued to deliver on its strategy to increase the production volume of high value-added products. In the reporting period, the production of pellets and HBI/DRI amounted to a record 27.7 million tonnes and 7.8 million tonnes respectively. The Company’s focus on increasing its production of high value-added products, favourable market conditions, and the implementation of its operational improvement program allowed Metalloinvest to demonstrate steady growth in its financial results. In 2018, revenue increased by 15.3% YoY, while EBITDA grew by 38.4%.”

Production highlights
Iron ore 40.4 million tonnes (+0.2%)
Pellets 27.7 million tonnes (+10.2%)
HBI/DRI 7.8 million tonnes (+12.1%)
Hot metal 3.0 million tonnes (+12.6%)
Crude steel 5.1 million tonnes (+6.2%)

Financial highlights
Revenue USD 7,187 million (+15.3% YoY)
EBITDA USD 2,934 million (+38.4%)
EBITDA Margin 40.8% vs. 34.0% in 2017
Net Income USD 1,647 million (+17.1%)
Net Debt USD 3,358 million (-17.2% compared to 31 December 2017)
Net Debt/EBITDA 1.1x vs. 1.9x as of 31 December 2017
Capital Expenditure USD 441 million (-9.8%)

Operating activities and capital expenditure
Completion of vacuum degasser modernisation at the EAF shop at Ural Steel
Launch of commercial operations at concentrate intake facility at MGOK
Launch of integrated financial and business management system, using the SAP S/4HANA business suite at LGOK and MGOK
Launch of the Roller Treatment Furnace #1 and Heat Treatment Machine #1 ?omplex at Ural Steel
Launch of new warehouse for the storage and shipment of finished products at OEMK
Completion of the first modernisation stage of PP-3 at MGOK resulting in its productivity increase by 5% per year
Completed works for the first launch complex of the external power supply network at LGOK

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Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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