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EQS-News: Industrial Metallurgical Holding: IMH ANNOUNCES IFRS CONSOLIDATED FINANCIAL RESULTS FOR 2020
IMH ANNOUNCES IFRS CONSOLIDATED FINANCIAL RESULTS FOR 2020
01.04.2021 / 15:40 CET/CEST
The issuer is solely responsible for the content of this announcement.
IMH announces IFRS consolidated financial results for 2020
1 April 2021
Industrial Metallurgical Holding (IMH), one of the largest global suppliers of merchant pig iron and Russia s biggest merchant coke exporter, announces IFRS financial results for 2020.
IMH key financial indicators:
(14,388)
11,102
Financial results
In 2020, the Group s consolidated revenue increased by 6% y-o-y to RUB 91.9 bln, hitting an all-time record, which was driven by an increase in output and sales of pig iron and coke in the domestic market, as well as higher exchange rates.
In 2020, the global pig iron market faced the threat of a demand slump due to the reduction in steel production from all major outlets under the pressure of the Covid-19 pandemic.
In March, however, when the steel industries of Europe and the United States began to feel the effects of various national lockdowns, the Chinese market began to recover and soon resumed normal operating rates. Thus, China started to absorb almost all merchant pig iron supplies, leaving almost no availability to other buyers and pulling pig iron prices up. Pig iron availability is limited. The Commonwealth of Independent States prefer to use as much as possible for their own steel melting, while Brazil can’t increase merchant pig iron output immediately because they’re limited in charcoal, one trader said. When supply is limited but demand exists, buyers need to compete.