Metalloinvest Announces IFRS Financial Results for Q1 2020

Metalloinvest, a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, a Metal-Expo regular exhibitor, has published its IFRS financial results for the first quarter ended 31 March 2020.

Metalloinvest CEO Nazim Efendiev said “Andrey Varichev, CEO of Metalloinvest, passed away unexpectedly on April 27th. This is a tragic loss for the Company and its thousands of employees. Metalloinvest’s team continues to pursue a dynamic development course defined by Andrey Varichev. The Company confirms its commitment to its key priorities and business strategy.”

Financial highlights

- Revenue USD 1,536 mn (-17.2% y-o-y)

- EBITDA USD 534 mn (-26.8%)

- EBITDA margin 34.8% vs. 39.3% in Q1 2019

- Net Income USD 83 mn (-84.6%)

- Total Debt USD 3,768 mn (-7.2% compared to 31 December 2019)

- Net Debt / EBITDA LTM 1.46x vs. 1.49x as at 31 December 2019

- Capital Expenditure USD 84 mn (-4.5%)

Production highlights

- Iron ore 10.3 mn tonnes (+7.2%)

- Pellets 7.1 mn tonnes (+3.4%)

- HBI/DRI 2.1 mn tonnes (+3.2%)

- Hot metal 0.7 mn tonnes (+1.5%)

- Crude steel 1.3 mn tonnes (+7.3%)

Key corporate highlights

- Launch of CCM #3 at OEMK’s Electric Arc Furnace Shop following the completion of its technical re-equipping

- Approval of the 2020–2025 Environmental Programme with RUB 21 bn in investments

- Placement of BO-04 series RUB-denominated bonds in the amount of RUB 10 bn