PJSC Magnitogorsk Iron & Steel Works (“MMK”, or the “Group”) (MICEX-RTS: MAGN; LSE: MMK), one of the world’s largest steel producers, is pleased to announce its financial results for Q1 2021.

Q1 2021 vs Q4 2020 key highlights: 

·          MMK Group’s revenue increased by 18.0% quarter-on-quarter (q-o-q) to USD 2,185 mln,  which  reflects a growth in steel prices in Russia and globally.

·          EBITDA for Q1 2021 grew to USD 726 mln, up 53.2% q-o-q, reflecting revenue growth fuelled by favourable market developments. EBITDA margin increased by 7.6 p.p. to 33.2%.

·          Net profit was USD 477 mln, up 52.4% q-o-q as a result of higher margins.

·          FCF for the quarter remained flat at USD 125 mln, driven by working capital build-up amid higher prices for metal products and an increase in the share of export sales with longer sales realisation period, as well as restocking ahead of the construction season.

Q1 2021 vs Q4 2020 key highlights: 

• EBITDA for Q1 2021 grew to USD 726 mln, up 53.2% q-o-q, reflecting revenue growth fuelled by favourable market developments. EBITDA margin increased by 7.6 p.p. to 33.2%.

• FCF for the quarter remained flat at USD 125 mln, driven by working capital build-up amid higher prices for metal products and an increase in the share of export sales with longer sales realisation period, as well as restocking ahead of the construction season.

• EBITDA increased by 64.3% y-o-y reflecting higher revenues. EBITDA margin was up 7.4 p.p. to 33.2%.

• FCF for the quarter increased by 8.7% year-on-year and amounted to USD 125 mln.

The full version of the press-release can be found here.