Daily Insight-Liquidity up on NBU support; Eurobond window closes; Metinvest report; UAH takes a pause

Metinvest issued its 2012 annual report which reiterated its FY2012 audited statements announced in May: the company's revenues declined 11% to US$12.565bn, EBITDA dropped 46% to US$1.985bn, and net profit fell 77% to US$435m. Management repeated that Metinvest will see a challenging 2013, planning to adapt capex in line with market conditions and focus on projects boosting Metinvest's efficiency and product quality. Management also stated they intend to maintain their positions in Ukraine, Russia and Europe and to boost exports to the Middle East, North Africa and China. As for the long-term market outlook, Metinvest still foresees profit margins to shift from raw materials to steel-making; however, they expect this to happen in 2016, not in 2014, as it was expected before.

Attachment: Daily Insight report with supporting charts and tables for all comments (pdf: 12 pages, 838KB)