Ukraine’s leading steelmaker Metinvest announced its operational and financial results for 9M CY19. The report suggests 6% Y-o-Y rise in company’s crude steel production with 5,905,000 MT, compared to 5,597, 000 MT in 9M CY18.
In 2019, global steel prices have been decreasing amid weaker demand in most regions, including Europe, intensified trade tensions and expectations of a global recession.
The company’s external sales declined by 11% Y-o-Y, mainly due to lower steel selling prices in line with global benchmarks, and lower resales volumes.
The top five steel customers accounted for 17% of the segment’s revenues (15% in 9M CY18). Almost all steel volumes were sold on the spot market.
| Metinvest Operational Results | |||
| Production (‘000t) | 9M 2019 | 9M 2018 | Change (%) |
| Hot metal | 6,041 | 6,234 | -3 |
| Crude Steel | 5,905 | 5,597 | 6 |
| Coke | 3,617 | 3,910 | -8 |
| Iron ore concentrate | 21,749 | 20,540 | 6 |
| Coking coal concentrate | 2,182 | 1,974 | 11 |
| Metinvest Financial Results (USD mn) | |||
| Revenues | 8,490 | 9,063 | -6 |
| Adjusted EBITDA | 1,234 | 2,015 | -39 |
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