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Metinvest's FY'18 earnings surge 93% YOY on higher revenues

Ukrainian steelmaker Metinvest BV on March 21 reported a net profit of US$1.19 billion for 2018, up 93% from US$617 million in 2017, driven in part by higher revenues.

The group's bottom line was also not affected by a US$329 million loss related to the seizure of its assets by separatists in 2017.

Revenues jumped 33% to US$11.88 billion, as the group benefited from higher steel and iron ore prices, stronger demand for its products and an increase in the volume of goods resold.

Adjusted EBITDA also grew 23% to US$2.51 billion, with the company's steel and mining segments contributing equally.

Consolidated steel output totaled 7.3 million tonnes, down 1%, while coking coal concentrate production rose 9% to 2.7 million tonnes. Iron ore concentrate output was flat at about 27.4 million tonnes.

In 2018, Metinvest's capex totaled US$898 million, up 66%, as it invested more on expansion and maintenance projects.

The company, meanwhile, slashed its gross debt by 9% to US$2.74 billion at the end of the year, owing to the full settlement of shareholder loans and the partial repayment of its PXF facility. Its cash balance stood at US$280 million at the end of the period, while net debt totaled US$2.46 billion.

Metinvest CEO Yuriy Ryzhenkov said the group will continue to prioritize on improving operational performance and implementing its long-term upgrade program in 2019 despite uncertainty in global iron ore and steel prices and trade tensions.