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Metinvest raises revenue in all regions in H1 2021, especially in Europe
KYIV. Sept 1 (Interfax-Ukraine) – Metinvest B.V. (the Netherlands), the parent company of Metinvest mining and metallurgical group, in January-June 2021 increased sales of products to Europe by 2.1 times compared to the same period last year, up to $ 3.027 billion, providing 36% of consolidated revenue.
According to the preliminary unaudited interim financial results for the first half of 2021, Metinvest’s consolidated revenues increased by 70%, to $ 8.470 billion in the first half of the year, driven mainly by higher prices for metal and iron ore products, which followed global benchmarks.
In addition, the group increased sales of finished steel products by 12% thanks to the recovery in demand in some strategic markets for the company, as well as recently implemented investment projects at Mariupol steel plants. The group also increased its supply of pellets by 36% on the back of a global increase in the premium for pelletizing.
The group’s revenue in Ukraine for the reporting period increased by 64%, to $ 2.228 billion, mainly due to higher average sales prices for metal and iron ore products, as well as an increase in sales of iron ore and finished steel products, which grew by 11%. In general, the share of Ukraine in the consolidated revenue decreased by 1 percentage point (p.p.), to 26%.
