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 ($m) 945 300 648 333 500
Coupon Rate (% p.a.) 7.75% 5.625% 8.50% 7.65% 7.75%
Coupon Frequency S/A S/A S/A S/A S/A
Maturity date 4/23/2023 6/17/2025 4/23/2026 10/1/2027 10/17/2029
Ratings: Moody`s/S&P/Fitch CCC/-/NR CCC/-/NR CCC/-/NR CCC/-/NR CCC/-/NR
Market Price* ($) 80.00 54.00 53.00 51.00 51.00
Market YTM* 70.40% 36.90% 32.20% 26.00% 21.80%
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

Nov 22, 2022
| Metals & Mining

Metinvest — 3Q22 operating results show further deterioration

Metinvest reported its 3Q22 and 9M22 operating results. Quarterly crude steel production fell by 43% q-o-q and 90% y-o-y to 256kt, bringing 9M22 output to 2.7 Mt (-62% y-o-y). Finished and semi-finished steel products fell by 13% q-o-q and 80% y-o-y to 577 kt, with 9M22 production off 59% y-o-y to 3.2 Mt. Coal production fared better: up 8.9% q-o-q and down 7.0% y-o-y at 1.3 Mt in 3Q22 and off 9.1% y-o-y to 3.7 Mt in 9M22. Coke production was almost unchanged q-o-q but down 73% y-o-y at 293 kt in 3Q22, falling 60% y-o-y to 1.4 Mt in 9M22. Iron ore concentrate production fell 66% q-o-q and 88% y-o-y to 0.9 Mt in 3Q22 and 59% y-o-y to 9.7 Mt in 9M22.
Nov 07, 2022
| Metals & Mining

Metinvest — 1H22 EBITDA down 59% y-o-y to $1.6bn

Metinvest reported 1H22 sales of $5.3bn, down 38% y-o-y on a 44% slide in metallurgical segment revenues, to $3.6bn, and an 18% drop in mining revenues, to $1.7bn. EBITDA shrank by 59% y-o-y to $1.6bn, with metallurgical EBITDA down 84% to $287m and mining EBITDA off 47% to $1.3bn. The EBITDA drop was primarily driven by lower sales volumes (-$2.3bn y-o-y), followed by a lower contribution from JVs (-$514m) and the impact of higher energy prices (-$171m). Selling prices contributed positively to EBITDA (+$518m vs. 1H21), followed by lower raw material costs (+$346m).
Contact us at +38 (044) 490 7120 for more information

or