Key ratios

Financial ratios
2011* 2012* 2013* 2014* 2015* 
EBITDA margin (%) 19% 16% 14% 23% 24% 
Operating profit margin (%)** 14% 9% 6% 15% 17% 
Net margin (%) 11% 5% 1% 7% 12% 
Slab cash cost ($/t) 396 388 348 283 206 
EBITDA per tonne of steel produced (USD/t) 188 127 96 150 123 
Net Debt / EBITDA (x) 1.47 1.88 1.85 0.67 0.56 

*2010-2012 results are presented in accordance with US GAAP; 2013-2014 results are presented in accordance with IFRS

**For 2013-2014 - operating profit before equity share in net losses of associates and other companies accounted for using the equity method of accounting, impairment and write-off of assets