In Q2 revenue grew by 18% QoQ, to $2.54 billion, driven by a 14% QoQ increase in sales and an improvement in the product mix (a 20% growth of finished product sales), against the backdrop of a fall in steel product prices.
Q2 EBITDA eased by 2% (growth by 31% YoY), to $603 million following the narrowing of spreads between steel product and raw material prices. H1 EBITDA climbed by 63%, to $1,221 million, supported by Strategy 2017 gains, and the recovery in steel product prices.
The growth of free cash flow in Q2 by 56% QoQ, to $325 million, was due to the growth of inflow from operating activities. H1 FCF grew by 23% YoY, to $533, driven by lower capex and higher business profitability.
Debt leverage remains low, Net debt/EBITDA at 0.4х. (NLMK/Ukrainian metal)