Metalloinvest's net profit fell

Metalloinvest's net profit in the first half of 2023 decreased by more than 3.5 times, to 37.15 billion rubles.

Revenue decreased by 1.5 times, to 219.16 billion rubles, the cost of sales decreased to 106.6 billion rubles.

"The group's financial position was significantly impacted by global iron ore and steel prices, which declined significantly in the second quarter of 2022 to the level of 2021 and did not recover in the first half of 2023. In the first quarter of 2023, there was an increase in world steel prices due to an increase In the second quarter of 2023, world prices continued to fall against the backdrop of lower demand from China and an increase in exports from Asian countries," the company said in a report.