Metinvest net income up 30.8% y-o-y in 2010

Metinvest, Ukraine’s largest vertically integrated mining and steel company increased its net income by 30.8% to USD 437 mln in 2010; company’s net revenues jumped by 55.3% to USD 9.3 bln. In 2010 Metinvest produced 35.7 mln tons of iron ore – 16.6% growth as compared to 2009. Revenues from steel sales increased by 43% and reached USD 5.7 bln, coal and coke sales were up by 55% and reached USD 1.1 bln, iron ore sales almost doubled and reached USD 2.5 bln. Metinvest is an international vertically integrated mining and steel company owning 24 assets in Ukraine, Europe and United States. The major shareholders of Metinvest are SCM Group (71.25% ownership) and Smart-Holding (23.75% ownership).