OREANDA-NEWS. Metinvest B.V., the parent company of an international vertically integrated steel and mining group of companies (jointly referred to as “Metinvest”), published a trading update for the first quarter of 2013 ended 31 March 2013.

The information in this press release has been prepared based on preliminary financial results. Intragroup transactions have been eliminated in consolidation. This announcement does not contain sufficient information to constitute a full set of financial statements. The following preliminary results may differ from financial statements prepared in accordance with International Financial Reporting Standards (IFRS). The numbers in this press release have not been audited or reviewed.

Metinvest B.V. publishes consolidated financial statements prepared in accordance with IFRS for the six months ending 30 June and for the year ending 31 December.

1Q 2013 FINANCIAL HIGHLIGHTS

Consolidated revenues of USD 3,134 million (-3% y-o-y)

Adjusted EBITDA1 of USD 460 million (-14% y-o-y), with an EBITDA margin of 15%

Total loans and borrowings of USD 3,738 million2 (1Q 2012: USD 3,556 million), including:

USD 2,457 million of long-term borrowings (1Q 2012: USD 2,563 million)

USD 1,281 million of short-term borrowings (1Q 2012: USD 993 million)

Seller’s notes of USD 246 million (1Q 2012: USD 319 million)

Cash and cash equivalents of USD 370 million (1Q 2012: USD 401 million)

Capital expenditures of USD 96 million (-43% y-o-y)

1Q 2013 OPERATIONAL HIGHLIGHTS

Crude steel production of 3,101 thousand tonnes (-6% y-o-y)

Mining of coking coal of 2,896 thousand tonnes (-2% y-o-y)

Iron ore concentrate production of 9,325 thousand tonnes (+1% y-o-y)

GROUP REVENUES

In 1Q 2013, Metinvest's consolidated revenues totalled USD 3,134 million, down 3% y-o-y. The drop was mainly due to a decline of USD 98 million in sales of coal products by the Mining division. The Metallurgical division accounted for 73% of external sales (1Q 2012: 70%) and the Mining division for 27% (1Q 2012: 30%).