Metinvest Group posts $194 mln loss for 2023, revenue down 11%

MOSCOW. March 18 (Interfax) - The Metinvest mining and metallurgical group had net losses of $194 million for 2023, down 91% from $2.193 billion in 2022, Ukrainian media quoted a report by parent company Metinvest B.V. as saying.

The group's revenue fell 11% to $7.397 billion in 2023 from $8.288 billion in 2022, and EBITDA fell 54% to $861 million from $1.873 billion.

Metallurgy segment revenue decreased by 15.2% to $4.846 billion and mining segment 0.8% to $2.551 billion. Metallurgy segment adjusted EBITDA fell 40.4% to $159 million and mining segment 50.2% to $770 million.

Metinvest's operating profit was $445 million for 2023 against a loss of $1.426 billion a year earlier.

Cash and equivalents increased to $646 million from $349 million at the end of 2022.

Metinvest is a vertically integrated mining and steel group with assets in Ukraine and European countries. It is 71.24% owned by SCM and 23.76% by Smart Holding.