Metinvest Mining and Metallurgical Group’s consolidated revenue in the first half of 2024 amounted to $4.319 billion, up 22% to the first half of 2023, this result is mainly due to a 63% increase in sales to $1.847 billion of the mining segment due to the easing of logistical restrictions for Ukrainian exports and increased demand for pellets.
“The Black Sea corridor has enabled the sale of iron ore products to China… External revenues of the steel and mining segments grew by 2% and 63% year-on-year respectively, with the steel segment accounting for 57% and the mining segment 43% of total revenues,” the company said in a report Friday evening.
According to it, adjusted EBITDA increased to $650 million, up 33% due to improved performance in both segments, with the metals segment contributing 25% and the mining segment 75%.
Total debt and net debt decreased by 12% and 4%, respectively, to $1.740 billion and $1.284 billion. It is noted that the group managed to repay more than $500 million of debt from the start of full-scale invasion until the end of June 2024.
