Metinvest’s decision to fully repay the Facility pledged against fixed assets and shares of Metinvest Trametal is in line with the on-going optimisation of the group’s corporate debt structure, which provides for arrangement of all external financing on the level of the parent company, Metinvest B. V. The Facility was repaid from the cash accumulated by Metinvest Trametal.
Sergiy Novikov, Chief Financial Officer of Metinvest, commented: «Repayment of the Facility decreases our short-term financial obligations and total indebtedness, and lowers the share of senior secured debt improving the credit rating of Metinvest’s public debt instruments. The removal of covenants from Metinvest Trametal frees up cash flows from two profitable steel mills to be used for implementation of capital expenditure projects in line with our Technological Strategy.»
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METINVEST GROUP is a vertically integrated steel and mining group of companies, managing every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. The Group comprises steel and mining production facilities located in Ukraine, Europe and the USA and has a sales network covering all key global markets. Metinvest Group is structured into two operating divisions, Metallurgical and Mining Divisions, and has a strategic vision to become the leading vertically integrated steel producer in Europe, delivering sustainable growth and profitability resilient to business cycles and providing investors with returns at above the industry benchmarks. The Group generated US$6.7 billion of revenues and a 16% EBITDA margin for the first six months of 2012.
METINVEST HOLDING, LLC is the managing company of Metinvest Group.
For further information, please, visit www.metinvestholding.com
Investor contact:
Andriy Bondarenko
Investor Relations Manager
+38 062 388 16 24
ir@metinvestholding.com