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Metinvest posts 29% YOY drop in Q1 revenue

Metinvest BVsaid July 12 that its first-quarter revenue fell by 29% on a yearly basis to aboutUS$1.29 billion, while adjusted EBITDA plunged 65% to US$118 million.

The company's metallurgical division generated 29% less revenuesat US$1.01 billion, compared to the US$1.43 billion posted in the first quarterof last year, on the back of lower selling prices as well as volumes of pig iron,slabs and pipes.

Likewise, the mining division's sales also dropped to US$275million, a 30% decrease year on year, mainly due to falling prices for iron oreproducts and coal concentrate, as well as lower pellet sales volumes.

Metinvest's metallurgical division contributed US$52 millionto the group's adjusted EBITDA, plunging from its US$253 million share last year,while the mining business contributed US$73 million, a 33% drop from its US$106million contribution a year ago.

The company's net debt in the quarter fell by 2% to US$2.72 billionfrom US$2.77 billion in the preceding quarter, while CapEx rose by 42% year on yearto US$54 million from US$38 million in the previous corresponding period.

In May, the company reporteda net loss of US$1.00 billion for 2015, compared to a US$159 millionprofit a year ago.