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Metinvest's Q1 revenue spikes 63% to US$3.02B on higher selling prices, demand

Metinvest BV said May 30 that revenue spiked 63% to US$3.02 billion in the first quarter, attributed to higher selling prices and demand for pig iron, slabs, flat products, coke and pellets.

Adjusted EBITDA for the period, meanwhile, rose 61% to US$649 million.

A year earlier, the steelmaker booked a first-quarter revenue of about US$1.85 billion, with adjusted EBITDA at US$402 million.

Metinvest's metallurgical division's total sales jumped 76% to US$2.59 billion, with its mining division sales posting a 14% increase to US$431 million.

For the period ended March 31, the metallurgical division contributed US$377 million to the group's adjusted EBITDA, with the mining division putting up US$347 million.

CapEx for the period more than doubled to US$216 million, with net debt up 3% quarter on quarter to US$2.36 billion.

In April, Metinvest posted a 12% year-over-year decline in its crude steel output, which totaled about 1.83 million tonnes in the first quarter, mainly due to a reduction in steel output at Azovstal amid a shutdown of basic oxygen furnace No. 2 for a scheduled 28-day overhaul.