METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR 2020

DJ METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR 2020

Metalloinvest Finance Designated Activity Company (IRSH) 
METALLOINVEST ANNOUNCES IFRS FINANCIAL RESULTS FOR 2020 
24-Feb-2021 / 14:10 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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METALLOINVEST ANNOUNCES 2020 IFRS FINANCIAL RESULTS 
Moscow, Russia - 24 February 2021 - Metalloinvest ("the Company"), a leading global iron ore and HBI producer, and one 
of the regional producers of high-quality steel, today publishes its audited IFRS financial results for the full year 
ended 31 December 2020. 
Management comments 
Nazim Efendiev, CEO of Management Company Metalloinvest, commented: 
"In 2020, the Metalloinvest's strategy aimed at improving product quality and ensuring sustainable sales has 
demonstrated its resilience. Despite external challenges, the Company has reported a good set of financial results. 
The main development of the past year was the COVID-19 pandemic, and Metalloinvest took several measures to ensure not 
only the safety of our employees but also of the residents of the regions we are present in. Extensive programmes to 
support the regional healthcare system were promptly deployed and employee salaries were increased twice during the 
year. 
Continuing our focus on sustainable development, we presented our Qualitative Change Strategy to 2032 in February 2021. 
Metalloinvest's mission is to be the evolutionary basis of modern metallurgy for future generations. We see our Company 
as a world-leading producer of high quality iron ore, metallised and steel products, which are at the heart of the 
steel industry's transition towards green technologies and a reduced carbon footprint." 
Alexey Voronov, Deputy CEO - Chief Financial Officer of Management Company Metalloinvest, added: 
"In 2020, the Company's EBITDA amounted to USD 2.5 bn, slightly behind last year. The Company's efforts were largely 
aimed at optimising costs, which ensured an increase in EBITDA margin to 38.5% from 36.1% a year earlier. It is worth 
noting the contribution of the fourth quarter to full year results - EBITDA, which amounted to USD 838 mn, became the 
Company's highest quarterly indicator over the past 8 years. We expect favourable market conditions to continue in 
early 2021. 
Significant efforts have been made to reduce leverage, improve the parameters of the Company's debt portfolio and 
expand sources of liquidity. Thus, in 2020, almost USD 260 mn was spent on debt repayment, several refinancing 
transactions were completed, including through successful public borrowings in the local market at record low rates, 
and new credit lines were opened. As a result, the Total Debt of the Company decreased by 9.5% to USD 3.7 bn, and 
repayments in 2021-2022 amounted to USD 0.5 bn, which is fully guaranteed by the available amount of liquidity. The Net 
Debt / EBITDA at the end of 2020 was 1.3x, which is a comfortable level for the implementation of the investment 
programme in full." 
 
FINANCIAL HIGHLIGHTS 
  - Revenue USD 6,409 mn (-7.9% y-o-y[1]) 
  - EBITDA[2] USD 2,471 mn (-1.7%) 
  - EBITDA margin 38.5% vs. 36.1% in 2019 
  - Net Income USD 1,337 mn (-22.8%) 
  - Total Debt[3] USD 3,675 mn (-9.5% compared to 31 December 2019) 
  - Net Debt / EBITDA[4] 1.3 vs. 1.5x as of 31 December 2019 
  - Capital Expenditure USD 496 mn (-4.0%) 
PRODUCTION HIGHLIGHTS 
  - Iron ore[5] 40.4 mn tonnes (+0.5%) 
  - Pellets 27.6 mn tonnes (-1.8%) 
  - HBI/DRI 7.8 mn tonnes (-0.9%) 
  - Hot metal 2.3 mn tonnes (-16.3%) 
  - Crude steel 5.0 mn tonnes (+2.0%) 
 
KEY CORPORATE HIGHLIGHTS 
Operational developments and capital expenditure 
  - Launch of CCM[6] #3 at OEMK following the completion of its technical re-equipping 
  - Modernisation of the beneficiation plant at MGOK to increase the plant's iron ore concentrate production 
  - Reconstruction of Pellet Plant #3 at MGOK for implementing advanced technology of additional concentrate grinding 
  - Launch of pilot production of premium pellets for metallisation at MGOK 
  - Completion of a major overhaul of Pellet Plant and launch of a Ball Rolling Mill at OEMK 
  - Introduction of advanced conveyor technology at MGOK for transporting ore from the open pit mine with a capacity of 
     15 mn tonnes of ore per year 
  - Commissioning of a new steam boilers at Ural Steel combined heat and power plant 
  - Launch of Blast Furnace #2 at Ural Steel following modernisation 
Financing 
  - New credit rating 'AA+ (RU)' with a stable outlook obtained from Analytical Credit Rating Agency (ACRA) 
  - 'BB+' rating with a stable outlook affirmed by Fitch 
  - Issue of new bonds series BO-04 and BO-10 through a public offering for a total amount of RUB 15 bn 
  - Additional agreements signed with ING Bank on the extension of two credit lines for a total amount of USD 200 mn 
    (or EUR equivalent). The interest rate of one of the credit lines in the amount of USD 100 mn (or EUR equivalent) 
    is linked to the change in the Company's ESG-rating from EcoVadis 
  - Incorporating sustainability-linked provisions into the pre-export finance facility (PXF-2019/2) 
  - New credit lines with Sberbank (RUB 25 bn), Gazprombank (RUB 15 bn), Credit Bank of Moscow (RUB 7 bn) and IBEC (EUR 
    40 mn) with a repayment period of 3-7 years 
 
Full press release and financial statements are available at: 
https://www.metalloinvest.com/investors/financial-results/ 
 
# # # # 
 
If you have any questions, please contact us: 
Artem Lavrischev 
Investor Relations 
E: [e-mail] 
T: [phone], ext. 7243 
 
Anton Troshin 
Public Relations 
E: [e-mail] 
Tel.: [phone], ext. 7629 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Metalloinvest is a leading global iron ore and merchant HBI producer and supplier, and one of the regional producers of 
high-quality steel. The Company has the world's second-largest measured iron ore reserve base and is one of the 
lowest-cost iron ore producers. Metalloinvest is wholly owned by Holding Company USM LLC. Alisher Usmanov is the major 
beneficiary of Holding Company USM LLC (49%). 
 
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[1] Hereinafter comparison with 2019 unless indicated otherwise 
[2] Hereinafter EBITDA stands for EBITDA adjusted according to IFRS requirements 
[3] According to the IFRS 16 standard, Total Debt includes operational lease in the amount of USD 94 mn 
[4] The indicator is for information only and does not contain adjustments as per the loan documentation 
[5] Iron ore refers to iron ore concentrate and sintering ore 
[6] Continuous Casting Machine 
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ISIN:           XS0918297382 
Category Code:  FR 
TIDM:           IRSH 
Sequence No.:   94230 
EQS News ID:    1170755 
 
End of Announcement  EQS News Service 
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(END) Dow Jones Newswires

February 24, 2021 06:10 ET (11:10 GMT)