Metalloinvest Finance Designated Activity Company
Metalloinvest Finance Designated Activity Company: METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR Q1 2020
Metalloinvest Finance Designated Activity Company (IRSH)
METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR Q1 2020 Moscow, Russia – 25 May 2020 – Metalloinvest (‘the Company‘), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, publishes its IFRS financial results for the first quarter ended 31 March 2020. Management comments Nazim Efendiev, CEO of Management Company Metalloinvest, commented: “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.“ Alexey Voronov, Deputy CEO – Chief Financial Officer of Management Company Metalloinvest, commented Q1 2020 results: “In the first quarter of 2020, the Company increased the output and shipment of its key products compared to first quarter of 2019 levels. In the reporting period, Metalloinvest‘s EBITDA demonstrated considerable growth of around 34% quarter-on-quarter and amounted to USD 534 mn. A year-on-year comparison shows the opposite trend due to a respective decline in global prices for pellets and steel products. Meanwhile, the EBITDA margin remained solid at 34.8%. The Company maintained a comfortable level of leverage, with Net Debt / EBITDA LTM at 1.46x and a minor proportion of short-term debt (around 7%) at the end of the reporting period upholding financial stability.“ FINANCIAL HIGHLIGHTS
PRODUCTION HIGHLIGHTS
KEY CORPORATE HIGHLIGHTS
Full press release and financial statements are available at:
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For further information, please contact:
T: +7 (495) 981-55-55, ext. 7243
Director of Corporate Communications Department T: +7 (495) 981-55-55, ext. 7629
Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of high-quality steel. The Company has the world’s second-largest measured iron ore reserve base and is one of the lowest-cost iron ore producers. Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major beneficiary of Holding Company USM LLC (49%).
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ISIN: | XS0918297382 |
Category Code: | MSCL |
TIDM: | IRSH |
Sequence No.: | 65926 |
EQS News ID: | 1054829 |
End of Announcement | EQS News Service |