Metinvest has reduced its debts by half

News

Metinvest has reduced its debts by half

02.09.2021 News

In the first half of 2021, Metinvest earned $ 2.769 billion compared to a loss of $ 240 million a year earlier, according to the company’s press service.

According to the financial report, as of June 30, the Group’s net debt decreased by 52% since the beginning of the year – to $ 1.016 billion, and net debt to EBITDA for the year decreased by 0.8 x – to 0.2x.

Compared to last year, the Group’s capital investment increased by 31% to $ 411 million. Expenditures on environmental initiatives amounted to $ 204 million.

It is also reported that in six months the amount of income taxes paid increased 83 times from $ 6 million in the first half of 2020 to $ 500 million in the first half of 2021.

“Metinvest’s key operating indicators have shown growth. Against the background of increased production at two Mariupol plants, Azovstal and MMK. Ilyich, the Group’s production of pig iron increased by 8% compared to the same period last year – to 4,405 thousand tons, and steel – by 10% to 4,358 thousand tons. The improvement in all GOK led to an increase in the Group’s iron ore concentrate production by 5% to 15,864 thousand tons.

In addition, after the consolidation of the Pokrovsky coal group in March 2021, our total production of coal concentrate increased by 76% – up to 2,705 thousand tons, “- said CEO Yuri Ryzhenkov.

He also spoke about the Group’s main investment project – the construction of a cold rolling mill at MMKI, the total investment in which only in the first stage will exceed $ 800 million.

“The new situation will allow us to expand our product line and find new markets. Reducing environmental impact is still one of our priorities. The Group’s investments in environmental projects for the reporting period exceeded $ 80 million,” Ryzhenkov said.

He also spoke about strengthening the financial stability of the Group. “In the first half of 2021, we spent more than $ 1 billion on debt repayments, reducing the ratio of net debt to EBITDA for the last 12 months to 0.2x. Yes, we repaid a significant part of the debt of Pokrovskaya Coal Group ahead of schedule “, – said the top manager.

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