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MMK Group Financial Results for Q2 & H1 2020

Steel News - Published on Thu, 30 Jul 2020

Image Source: MMK Steel
PJSC Magnitogorsk Iron & Steel Works announced its financial results for Q2 and H1 2020.

Q2 2020 key highlights:

MMK Group’s revenue decreased by 25.8% quarter-on-quarter (q-o-q) to USD 1,268 mln, which reflects a decline in sales volumes amid the scheduled reconstruction of Hot-Rolling Mill 2500, and the correction in steel prices due to negative market trends in Russia and globally.

EBITDA fell 48.9% q-o-q to USD 226 mln, reflecting the difficult market environment in Q2 and the impact of one-off factors. EBITDA margin decreased by 8.0 p.p. to 17.8%

Net profit for Q2 2020 amounted to USD 58 mln, down 55.7% q-o-q.

H1 2020 key highlights:

MMK Group’s revenue declined by 22.3% year-on-year (y-o-y) to USD 2,978 mln, due to the slowdown in business activity amid the correction in global steel prices.

EBITDA decreased by 28.7% y-o-y to USD 668 mln following negative market trends driven by the spread of the pandemic. EBITDA margin was down by 2.0 p.p. to 22.4%.

Net profit declined by 62.0% y-o-y to USD 189 mln, mainly due to worsening market conditions and increase in foreign exchange loss due to the rouble devaluation.

Source :

Posted By : Yogender Pancholi on Thu, 30 Jul 2020
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