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 ($m) 945 300 648 500
Coupon Rate (% p.a.) 7.75% 5.63% 8.50% 7.75%
Coupon Frequency S/A S/A S/A S/A
Maturity date 4/23/2023 6/17/2025 4/23/2026 10/17/2029
Ratings: Moody`s/S&P/Fitch -/B/BB- -/(P)B/BB- -/B/BB- -/B/BB-
Market Price* ($) 103.25 99.00 104.00 98.25
Market YTM* 6.60% 5.92% 7.68% 8.01%
Spread over UST* 498 652 587 620
Note: *Based on bid price.
Year 2018 2019E 2020F
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

Nov 04, 2019
| Metals & Mining

Metinvest — August EBITDA down 18% m-o-m to $119m

Metinvest published monthly financials for August, reporting sales of $853m (-10% m-o-m and -4% y-o-y), with metal segment sales of $678m, -5% m-o-m and -6% y-o-y, and mining segment revenue of $174m, -25% m-o-m and +1.2% y-o-y, the latter reflecting a 28% m-o-m (and 4% y-o-y) slide in sales of iron ore products, to 1.3 Mt. Total EBITDA fell 18% m-o-m and 42% y-o-y to $119m, with metal segment EBITDA at -$43m (vs. -$26m in July and +$112m a year before) and mining EBITDA of +$163m (-6% m-o-m and +63% y-o-y).
Oct 02, 2019
| Metals & Mining

Metinvest — Sells new USD and EUR bonds, announces tender offer results

Metinvest announced the early results of its tender offer to purchase $440m out of its outstanding $944.5m 7.75% 2023 Eurobonds. As of the early tender deadline, a total of $639.4m of principal was validly tendered, thus setting the scale factor to 71.3%, which can be further adjusted before the tender offer expires on Oct. 15. Concurrently, Metinvest placed $500m of 10-year bonds paying a 7.75% coupon (priced at 7.95%) and EUR 300m of 5-year notes paying 5.625% p.a. (priced at 5.75%).
Contact us at +38 (044) 490 7120 for more information