Metinvest cut revenue by 11% in Q1

Metinvest B.V., the parent company of the Metinvest Group, cut its consolidated revenue by 11% to $2.5 billion in Q1 compared to the same period of the previous year, according to the financial results published on the Group’s website.

The reason is a decrease in sale prices for metal products, implications of the coronavirus pandemic on business activity, and reduced demand for steel.

In January–March, revenue of the steel segment of Metinvest B.V. was $2.018 billion, 14% down from January–March 2019.

Over the three months, the Group’s EBITDA decreased by 14% to $373 million, whereas the steel segment’s EBITDA increased by 5% to $166 million. EBITDA margin remained unchanged, 15%.

Capital investment of the Group in Q1 declined by 25% to $148 million in Q1 compared to the same period a year earlier.

Metinvest B.V.’s debts grew by 2% to $3.107 billion against Q1 last year. The amount of cash dropped by 20% to $328 million.

In 2019, Metinvest B.V. decreased its net profit by 71% to $341 million compared to 2018. Revenue in 2019 was $10.7 billion, 9% down from the previous year.

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%).