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 2029
Issue Volume ($m) 945 300 648 500
Coupon Rate (% p.a.) 7.75% 5.625% 8.50% 7.75%
Coupon Frequency S/A S/A S/A S/A
Maturity date 4/23/2023 6/17/2025 4/23/2026 10/17/2029
Ratings: Moody`s/S&P/Fitch -/B/BB- -/(P)B/BB- -/B/BB- -/B/BB-
Market Price* ($) 105.25 103.00 107.75 103.75
Market YTM* 5.77% 5.04% 6.88% 7.20%
Spread over UST* 442 569 552 569
Note: *Based on bid price.
Year 2018 2019E 2020E
Net Sales ($m) 11,880 *** ***
EBITDA ($m) 2,513 *** ***
Net Income ($m) 1,188 *** ***
EBIT Coverage Ratio (x) 7.94 *** ***
Net Debt/Equity (%) 50.8% *** ***

Latest news about Metinvest

Feb 10, 2020
| Metals & Mining

Metinvest — November EBITDA drops to -$3m

Metinvest published its monthly financial results for November, reporting revenues of $693m, down 13% m-o-m and 24% y-o-y, with metallurgical segment sales off 12% m-o-m and 25% y-o-y to $570m and mining segment external sales down 16% m-o-m and 23% y-o-y to $123m. Monthly EBITDA dropped to -$3m from +$20m in October and +$187m in November 2018, with metallurgical segment EBITDA sliding to -$36m (vs. -$27m in October and +$69m in November 2018) and mining EBITDA remaining positive at $36m (down 12% m-o-m and 66% y-o-y).
Feb 03, 2020
| Metals & Mining

Metinvest — Reports 4Q19 and 2019 operating results

Metinvest published its 4Q19 and 2019 operating results, reporting a 16% q-o-q drop in crude steel production, to 1.7 Mt (-3.0% y-o-y), which brought full-year output to 7.6 Mt (+3.5% y-o-y). Iron ore concentrate production was almost flat q-o-q and up 6.8% y-o-y at 7.3 Mt  in 4Q19, bringing 2019 production to 29.0 Mt (+6.1% y-o-y). Coal concentrate production was flat q-o-q and down 4.9% y-o-y  at 674 kt in 4Q19, with full-year output up 10% y-o-y to 3.0 Mt. Coke production fell 7.6% q-o-q and 23% y-o-y to 1.1 Mt in 4Q19 and 11.4% y-o-y to 4.7 Mt in 2019.
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