According to a financial report published on the company's website, it ended the year with a net loss of $194 million. Despite the loss, this figure represents a significant improvement over the previous year's loss of $2.193 billion.
The main factors affecting the financial results were an 11% decline in the company's revenue to $7.397 billion, lower steel, iron ore and coking coal prices, and lower shipments as a result of the temporary suspension of production at the Mariupol steel mills.
The company's steel division was the hardest hit, with revenue down 15.2 per cent year-on-year to $4.846 billion. The mining division's revenue also declined slightly, by 0.8%. Adjusted EBITDA in both segments fell 40.4 per cent to $159 million and 50.2 per cent to $770 million, respectively.
Despite the financial difficulties, Metinvest continues to invest in development. The company has allocated $284 million for capital expenditures in 2023, which is 19.8 per cent less than last year. The company said it will proceed with the construction of a steel plant in Italy. In January 2024, Metinvest signed an agreement for the development of the steel sector in the Tuscany region to enable the restart of the Piombino steel plant. The plant could have a capacity of 3 million tonnes of steel per year. Iron ore products from Ukraine will be used as the main raw material. This is planned to help improve financial performance and the utilisation of mining capacity.
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