Metalloinvest H1 earnings plunge 39% on lower iron ore, steel prices

Earnings at Russia’s largest iron ore producer, Metalloinvest, tumbled by 38.90% in the first half of 2016, due to falls in the prices of iron ore and steel, the company said on Thursday August 25.

The figure for earnings before interest, taxes, depreciation and amortisation (Ebitda) at the miner and steelmaker was $533 million in January-June 2016, down from $872 million in the corresponding period of 2015. Of the total Ebitda, the mining segment contributed $425 million, while the steel division brought in $113 million. The company did not explain why the total and the sector figures...

Published

Nadia Popova

August 25, 2016

18:46 GMT

Moscow