March 14, 2019 / 11:02 AM / 2 months ago

Strong iron ore prices, record output boost 2018 profits at Russia's Metalloinvest

MOSCOW, March 14 (Reuters) - Russia’s biggest iron ore producer Metalloinvest said on Thursday that its 2018 net profit rose 17.1 percent year-on-year to $1.6 billion due to higher prices for its products.

* Revenue rose by 15.3 percent to $7.2 billion in 2018, supported by a rise in global prices across the company’s main products;

* Global steel prices rose 12.1 percent, pig iron 7.9 percent, and high-quality iron ore by 2.9 percent, Metalloinvest said;

* Production of pellets and hot briquette iron (HBI/DRI) amounted to a record 27.7 million tonnes and 7.8 million tonnes respectively, the company said;

* The company’s 2018 earnings before interest, taxation, depreciation and amortisation (EBITDA) were at $2.9 billion, up 38.4 percent, while the net debt to EBITDA ratio declined to 1.1 from 1.9 at the end of 2017;

* Metalloinvest’s net debt was at $3.4 billion, down 17.2 percent compared to the end of 2017;

* Capital expenditure totalled $441 million, down 9.8 percent year-on-year. Further company coverage: (Reporting by Polina Ivanova; Editing by Tom Balmforth)

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