The Ukrainian mining and steel producing company Metinvest Holding has announced in its annual report that in 2009, despite testing conditions in the market, it delivered a net profit of $334 million, down from $2.803 billion in 2008.
In 2009, Metinvest generated consolidated revenues of $6.026 billion, down by 54.5% YoY mainly as a result of weaker demand and the reduction in prices of steel products.
Accordingly, Metinvest Steel & Rolled Products division accounted for 73.3% of the group reduction in revenues as the average price of steel fell by 40.8% in 2009 compared to the levels witnessed in 2008. This, combined with the contraction in global demand for steel products, resulted in Metinvest sales volumes for finished steel products decreasing from 9.9 million tons in 2008 to 7.2 million tons in 2009. The Iron Ore and Coke & Coal divisions accounted for 18.6% and 8.1% decreases in Metinvest consolidated revenues respectively.
In 2009, Metinvest adjusted EBITDA amounted to $1.449 billion, down from $4.769 billion in 2008, and its adjusted EBITDA margin amounted to 24.0% with all three divisions reporting positive adjusted EBITDA for the year in question. (SteelOrbis)
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