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 ($m) 945 300 648 333 500
Coupon Rate (% p.a.) 7.75% 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A S/A
Maturity date 4/23/2023 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Moody`s/S&P/Fitch CCC/-/NR CCC/-/NR CCC/-/NR CCC/-/NR CCC/-/NR
Market Price* ($) 47.00 39.00 39.00 39.00 39.00
Market YTM* 182.50% 51.60% 42.70% 33.10% 27.80%
Spread over UST* - - - - -
Note: *Based on bid price.
Year 2020 2021E 2022E
Net Sales ($m) 10,453 *** ***
EBITDA ($m) 2,204 *** ***
Net Income ($m) 526 *** ***
EBIT Coverage Ratio (x) 4.76 *** ***
Net Debt/Equity (%) 45.2% *** ***

Latest news about Metinvest

Aug 12, 2022
| Metals & Mining

Metinvest — 2Q22 operating results fully reflect war impact

Metinvest reported 2Q22 crude steel production of 450 kt, down 77% q-o-q and 80% y-o-y, bringing 1H22 output to 2.4 Mt (-45% y-o-y). Production of finished and semi-finished products fell by 67% q-o-q and 68% y-o-y to 663 kt, with the 1H22 tally down 46% y-o-y to 2.7 Mt. Coal production fell by 10% q-o-q and 33% y-o-y to 1.2 Mt in 2Q22 and 10% y-o-y to 2.4 Mt in 1H22. Coke production slid by 63% q-o-q and 76% y-o-y to 292 kt in 2Q22 and was down 55% y-o-y at 1.1 Mt in 1H22. Lastly, iron ore concentrate production dropped 56% q-o-q and 67% y-o-y to 2.7 Mt in 2Q22 and 45% y-o-y to 4.3 Mt in 1H22.
Jul 14, 2022
| Metals & Mining

Ukrainian steel production down 58% y-o-y in 1H22

Steel production in Ukraine slid by 58% y-o-y to 4.5 Mt in 1H22, with finished and semi-finished steel output at 4.0 Mt and hot metal production at 4.5 Mt (both down 58%).
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