Metalloinvest Finance Designated Activity Company (IRSH)
METALLOINVEST ANNOUNCES H1 2021 IFRS FINANCIAL RESULTS
Moscow, Russia - 17 August 2021 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer, and one of the regional producers of high-quality steel, today announces its audited IFRS financial results for the six months ended 30 June 2021 (H1 2021).
HIGHLIGHTS FOR H1 2021
Nazim Efendiev, CEO of Management Company Metalloinvest, commented:
"In the first half of 2021, we witnessed an impressive recovery in business activity and industrial production around the world. The effect of deferred demand as well as the various stimulating measures taken by many leading countries, including Russia, enabled the high utilisation of production capacities along the entire value chain in the metals & mining sector.
"As a result, against the background of faster growth in global steel consumption relative to production, an exceptionally favourable pricing environment developed in the Company's main sales markets. This factor, combined with the efforts of management to control costs and implement operational efficiency best practices, enabled the Company to deliver remarkable financial results. In addition, due to strong cash flow, the Company reduced its Net debt by 20%, which ensured an extremely low level of leverage - 0.6x in terms of
"The strong results, the Company's steadily improving business profile and its focus on high-quality products for green metallurgy did not go unnoticed by the leading credit rating agencies. An important milestone in Metalloinvest's 10-year presence in the public debt capital market was Fitch's upgrade of the Company's corporate credit rating in June this year to investment-grade.
"The COVID-19 pandemic continues to be one of the main constraints on business globally. The health of our employees is our top priority and the Company continues to implement all measures to ensure continuous production and the execution of the capital expenditure programme. Vaccination has been successfully carried out at our enterprises since January. Today, 70% of our employees have been vaccinated."
KEY CORPORATE HIGHLIGHTS
Operational developments and growth projects
Full press release and financial statements are available at:
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Metalloinvest is a leading metals and mining company with the second-largest proven iron ore reserves on a JORC-equivalent basis
Alisher Usmanov is the main beneficiary of the company (with a 49% stake) through Holding Company USM LLC.
Ticker (Bloomberg): METIN RU; official website: www.metalloinvest.com
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End of Announcement
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