19 October 2011
Metinvest, Ukraine’s largest vertically integrated mining and steel company, boosted its net income by 117.7% y-o-y to USD 1.14 bln in 1H11, according to a press release yesterday. Consolidated revenues jumped by 71.5% y-o-y to USD 6.99 bln, and EBITDA rose by 67.6% y-o-y to USD 2.00 bln, with margin stable at 28.6%. Steel accounted for 94.0% of the increase in consolidated revenues, driven by a 71.0% y-o-y increase in sales volumes and a 23.0% y-o-y rise in average steel prices. Iron ore revenues increased by 24% y-o-y in 1H11, primarily driven by a 17.9% y-o-y increase in average iron ore prices. Coke and coal revenues dropped by 16.4% y-o-y to USD 1.38 bln due to lower sales volumes.