Page 78 - UKRRptFeb21

9.2.11 ​Metallurgy & mining corporate news
● Metinvest
EBITDA at Ukraine’s largest steelmaker​ ​Metinvest​ rose 9.6% m/m to $263mn in November​, according to its monthly results published on January 29. The holding’s revenue increased 8.4% m/m to $941mn.
EBITDA excluding joint ventures (JVs) added 14.1% m/m to $210mn in November.
Metinvest’s operating cash flow before working capital changes climbed 9.6% m/m to $205mn in November, whereas cash flow from operations after working capital changes (but before profit tax and interest) skyrocketed 98.1% m/m to $305mn in November.
Cash flow due to changes in accounts receivable was positive $63mn in November, compared with negative $95mn in October. Cash inflow due to changes in accounts payable dropped 70.6% m/m to $20mn in November.
The holding’s cash outflow from investment activities jumped 62.0% m/m to $81mn. Metinvest’s outflow from financing activities amounted to $71mn and its end-of-month cash balance advanced 14.2% m/m to $813mn. Its gross debt inched up $8mn m/m to $2,940mn, while net debt dropped $93mn m/m to $2,127mn.
Metinvest’s metallurgical segment EBITDA (including JVs) slid 2.9% m/m to $136mn in November, while its mining segment EBITDA gained 10.9% m/m to $142mn.
Excluding JVs, Metinvest’s metallurgical segment EBITDA dropped 3.8% m/m to $126mn in November, while its mining segment EBITDA increased 22.2% m/m to $99mn.
The ratio of Metinvest’s net debt to its last-12-month (LTM) EBITDA (excluding JVs) dropped to 1.40x at the end of November, down from 1.71x a month ago.
In 11M20, Metinvest’s revenue dropped 5.4% y/y to $9,437mn, while its EBITDA including JVs soared 50.3% to $1,882mn and EBITDA excluding JVs jumped 43.2% y/y to $1,557mn.
Metinvest’s iron and steel product prices mostly advanced in November, gaining 6% for pig iron, 4% for slabs, 1% for billets, and 4% for flat products, but losing 1% for long products. Its iron ore concentrate price lost 9% m/m in November, while the pellet price slid 3% m/m.
● Interpipe
Interpipe Steel said that it is the Ukraine’s first steel company to meet European Green Deal targets for 2050​: its emissions do not exceed 250 kg of CO2 per ton of steel produced. This producer of steel pipes and railroad wheels in Dnipropetrovsk was built from scratch nine years ago involving $1bn investments. Founded and owned by Viktor Pinchuk, the company made these announcements on the occasion of the arrival of the company’s new CEO,
78​ UKRAINE Country Report​ February 2021 ​ ​www.intellinews.com