OREANDA-NEWS. Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies (jointly referred to as “Metinvest” or “the Group”), today announces its unaudited condensed interim consolidated financial information for the first six months ended 30 June 2013.

FINANCIAL HIGHLIGHTS

(USD million)

1 H 2013

1 H 2012

Change

Revenue

6,515

6,743

-3%

Adjusted EBITDA

1,243

1,090

14%

margin

19%

16%

3 pp

Net profit

443

339

31%

margin

7%

5%

2 pp

Capital expenditure

250

388

-36%

Commenting on the results, Igor Syry, General Director of Metinvest, said: “We are pleased to announce a strong set of financial results and progress in implementing our long-term strategy despite ongoing market turbulence. In the first six months of 2013, conditions in the global steel and mining industry remained challenging and uncertain. Steel consumption in the EU continued to decline and demand was also weak in other regions, although growth in China and Japan was robust thanks to government stimulus measures.

We again demonstrated the effectiveness of our resilient and flexible business model, keeping the top line stable and increasing the bottom line, despite a modest year-on-year decline in output of crude steel. We achieved this by acting on the key points of our strategy: we made prudent capital investments, implemented continuous improvement and lean production initiatives, launched a programme to release working capital, and strengthened our presence in strategic markets.”