Metinvest

Metinvest is a vertically integrated mining and steel group with assets in Ukraine, the EU and the United States. It manages the entire industry value chain, from mining and processing iron ore and coal to manufacturing and selling semi-finished and finished steel products. Metinvest is owned by Ukrainian conglomerate System Capital Management (71% stake) and Smart Holding, another local business group (24%). The company benefits from upstream integration in terms of iron ore (200% self-sufficiency), yet its coking coal and coke supply base was hit by the military conflict in the east, forcing Metinvest to rely on imports. Its U.S.-based United Coal Company secures long-term supplies of high quality coking coal. Metinvest is the leading producer of iron ore and coke in Ukraine and a top-10 iron ore producer globally.
Year 2023 2025 2026 2027 2029
Issue Volume ($m) 945 300 648 333 500
Coupon Rate (% p.a.) 7.75% 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A S/A
Maturity date 4/23/2023 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Moody`s/S&P/Fitch -/B/BB- -/B/BB- -/B/BB- -/B/BB- -/B/BB-
Market Price* ($) 106.50 105.75 113.50 110.50 110.75
Market YTM* 3.24% 4.05% 5.10% 5.61% 6.07%
Spread over UST* 303 443 440 472 500
Note: *Based on bid price.
Year 2019 2020 2021E
Net Sales ($m) 10,757 *** ***
EBITDA ($m) 1,213 *** ***
Net Income ($m) 341 *** ***
EBIT Coverage Ratio (x) 1.18 *** ***
Net Debt/Equity (%) 43.8% *** ***

Latest news about Metinvest

Jul 27, 2021
| Metals & Mining

Metinvest — Subsidiary acquires steel mill

Metinvest subsidiary Dniprocoke won an auction to acquire Dniprovsky Metallurgical Plant (DMK) for UAH 9.2bn ($340m), which was put up for sale as part of the bankruptcy proceedings.
Jul 22, 2021
| Metals & Mining

Metinvest — Reports record high monthly EBITDA for April

Metinvest published its monthly financial results for April, reporting revenues of $1.6bn, up 13% m-o-m and double y-o-y, including metallurgical segment sales of $1.2bn (+14% m-o-m and double y-o-y) and mining segment revenues of $373m (+9.4% m-o-m, +122% y-o-y). In volume terms, sales of steel and pig iron rose 7.7% m-o-m and 35% y-o-y to 1.4 Mt. Third-party sales of iron ore products increased 5.2% m-o-m and 8.1% y-o-y to 1.8 Mt. April EBITDA increased 12% m-o-m and quintupled y-o-y to $650m, with metallurgical segment EBITDA up 34% m-o-m and 3.9x y-o-y to $313m and mining EBITDA flat m-o-m and up 3.2x y-o-y at $399m, for a total EBITDA margin of 42% (-0.5pp m-o-m, +25pp y-o-y). Net operating cash flow was down 26% m-o-m and up 20x y-o-y at $437m, net investment cash flow shrank by 81% m-o-m and 10% y-o-y to $60m, and net financing cash outflow was down 67% m-o-m and up 13x y-o-y at $156m. Cash balances swelled by 24% m-o-m and 4.5x y-o-y to $1.2bn. Total debt stood at $3.2bn (-3.1% m-o-m, +3.2% y-o-y), with net debt was 15% m-o-m and 30% y-o-y to $2.0bn.
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