16:35 21.10.2014

Metinvest in H1, 2014 increases capital investment by 8%

1 min read

Metinvest B.V. (the Netherlands), the parent company of the Metinvest international vertically integrated steel and mining group, in January-June 2014 increased its capital investment by 8% compared to the same period in 2013, to $272 million.

According to the company's unaudited consolidated results of financial statements in accordance with the IFRS posted on the Irish Stock Exchange, the steel division accounted for 50% of capital investment (47% in the first half of 2013), the mining division - 40% (45%).

In this period Metinvest continued the implementation of investment projects in accordance with the technological strategy adopted in 2012, taking into account it renovation in 2013. Funding for the program of capital investment was carried out at the level of the index determined by the group budget within financial constraints and a limited access to external financing, as well as the postponement of terms of some projects.

According to the report, over the six months of 2014 the volume of net cash used in investment activities rose by $38 million compared to the previous year, to $280 million.

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