Metinvest cut its EBITDA by 75% in October

Metinvest B.V., the parent company of the Metinvest Group, cut its EBITDA by 75% to $20 million in October compared to September. This is evidenced by the monthly financial results, published on the Group’s website.

Adjusted EBITDA of steel companies of the Group amounted to -$27 million in October against -$22 million in September. Adjusted EBITDA of Metinvest’s mining companies amounted to $41 million in October against $89 million in September.

Expenses of Metinvest B.V. in October totaled $8 million against $13 million in September. The Company’s revenue declined by 8.7% to $797.9 million.

Arrears of Metinvest B.V. increased by $302 million compared to September, up to $2.9 billion. The amount of cash grew by $268 million to $466.19 million.

The Company spent $64 million for investment and $288 million for financial activities.

In October, Metinvest received:

• $12 million profit from the resale of 28 thousand tons of square billets
• $110 million from the resale of 221 thousand tons of flat products
• $25 million from the resale of 52 thousand tons of long products
• $11 million from the resale of 33 thousand tons of cold pig iron

As reported earlier, in Q1–Q3, Metinvest B.V. cut its EBITDA by almost 40%.

Metinvest Holding LLC is the managing company of the Metinvest Group. The major shareholders of Metinvest are its co-managing companies SKM Group (71.24%) and Smart Holding (23.76%).