OREANDA-NEWS. Metalloinvest (the “Company”), a leading global iron ore and HBI producer, today publishes its IFRS interim management statement for the first quarter ended March 31, 2014.

FINANCIAL HIGHLIGHTS

Revenue USD 1,805 mn (-7.2% y-o-y )

EBITDA USD 574 mn (-0.9%)

EBITDA margin 31.8% vs. 29.8% in Q1 2013

Net Income USD 115 mn (-58.2%)

Net Debt USD 5,105 mn (-6.2% compared to 31 December 2013)

Net Debt / EBITDA LTM 2.28x vs. 2.43x as of 31 December 2013

Capital Expenditure USD 103 mn (+17.0%)

Total Assets USD 10,026 mn (-4.1% compared to 31 December 2013)

PRODUCTION HIGHLIGHTS

Iron ore 9.5 mn tonnes (-0.1% y-o-y)

Pellets 5.8 mn tonnes (+1.9%)

HBI/DRI 1.4 mn tonnes (+0.8%)

Hot metal 0.5 mn tonnes (+1.0%)

Crude steel 1.2 mn tonnes (-5.9%)

CORPORATE HIGHLIGHTS

Signing of a new contract with KOKS Group to supply iron ore concentrate

Ongoing efficiency improvement of mining and transportation operations

Rating upgrade to 'BB' from 'BB-' by S&P and Fitch rating agencies

Signing of a new pre-export finance facility and refinancing of USD 1,150 mn

Re-election of the Board of Directors and creation of a new Remuneration Committee

Pavel Mitrofanov, Deputy CEO, Chief Financial Officer of Management Company Metalloinvest, commented:

“Metalloinvest's financial results demonstrate the positive impact of the measures, which the Company undertook to enhance its operational efficiency. Also I would like to emphasize that over the first quarter the Company's leverage decreased and we managed to effectively refinance our PXF, despite turbulence on the financial and commodity markets. Additionally, the Company takes further steps to improve its corporate governance, a new Remuneration Committee was established in April”.