In
the given period Metinvest's net profit amounted to $443 million, rising by 31%
compared to the same period of the previous year. The company's sales decreased
by 3% year on year to $6.5 billion, mainly due to a 13% decline in average
prices for steel products and a slump in sales volumes of tubular products. The
metallurgical division accounted for 73% of external sales and the mining
division accounted for 27%.
During
the first six months the company's adjusted EBITDA amounted to $1.24 million,
up by 14% year on year, with an EBITDA margin of 19%.
"Global
trends in the prices of steel and raw materials impacted our top line in the
first six months of 2013. Following modest rises to the end of the first
quarter, benchmark steel prices fell in the second quarter and on average
remained substantially lower year on year. After collapsing in the second half
of 2012, iron ore prices recovered strongly in the first six months of this
year, although we now expect them to come under pressure again. Coking coal
prices remained weak in the first half, probing the lows last seen in
2009", said Metinvest CFO Aleksey Kutepov. (SteelOrbis/Ukrainian
metal)