OREANDA-NEWS. August 23, 2010. Metinvest released its financials for 2009, posting an 88% yoy decline in net profits, while its EBITDA margin slipped from 35% to 24%. The net revenues of the group fell by 54% yoy from USD  13.21bn to USD  6.02bn in 2009.

Millennium Capital: the news is neutral for METINV, as the results of the group members were known prior to the publication date, and moreover we expect the Group financials to recover in 2010. The group has overcome the crisis-bound 2009, proving the strong position of vertically integrated producers in the steelmaking industry. Its financials should improve in 2010, as Metinvest’s production of steel has risen by 36% yoy in 1H2010 and the CIS prices for steel products climbed on average by 30% in 2010.