Ukrainian mining and steel producing group Metinvest has announced its financial results for 2024.
In the given year, the company reported a net loss of $1.15 billion, compared to a net loss of $194 million in the previous year, as a result of the shutdown of its Pokrovske coal mine, while its sales revenues amounted to $8.05 billion, rising by 8.8 percent year on year, mainly due to the reopening of Ukraine’s Black Sea ports in the second half of 2023, easing logistical constraints for exports. In addition, Metinvest’s adjusted EBITDA in 2024 came to $957 million, increasing by 11.0 percent from $861 million recorded in the previous year, while it registered an operating loss of $938 million, compared to an operating profit of $445 million.
The company stated that the military situation in Ukraine remains developing and highly uncertain, thus it continues to closely monitor the situation and take all possible measures to preserve cash flows and ensure business continuity. These measures include maximizing utilization of existing resources and efficient management of production capacities both in and outside of Ukraine taking into account the market and electricity limitations, while arranging imported electricity purchases and securing other measures in order to avoid operational disruptions due to power shortages for the entities in Ukraine, and optimizing capital expenditures.
As SteelOrbis reported previously, Metinvest’s total crude steel output came to 2.10 million mt, increasing four percent year on year, while its pig iron output advanced by three percent year on year to 1.82 million mt.