Metinvest increased net profit by 54% in 2020

In 2020, Metinvest B.V., the parent company of the Metinvest Group, increased its net profit by 54% to $526 million compared to 2019, according to the financial results published on the Group’s website.

The Group’s revenue fell by 3% to $10.45 billion in 2020 compared to 2019 and the Group’s EBITDA increased by 82% to $2.2 billion. EBITDA margin increased by 10 pp to 21%.

In 2020, the Group cut its capital investment by 37% to $663 million against 2019.

Metinvest B.V.’s debts decreased by 3% to $2.937 billion. Annual cash and cash equivalents were $826 million. The Group’s cash and cash equivalents as on 31 December 2019 were $274 million.

“Metinvest has, once again, proven its ability to overcome difficult market challenges. The Group achieved higher margins and implemented key investment projects. We decided to cut capital costs in 2020 while maintaining those at an acceptable level. The emphasis on operational improvements aiming at increasing the global competitiveness of production costs has made it possible for the Group to achieve a total effect of $376 million in 2020,” commented Yuriy Ryzhenkov, Metinvest’s CEO.

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%).