Key ratios

Financial ratios
2011* 2012* 2013 2014  2015 2016
EBITDA margin (%) 19% 16% 14% 23% 24% 25%
Operating profit margin (%)** 14% 9% 6% 15% 17% 19%
Net margin (%) 11% 5% 1% 7% 12% 12%
Slab cash cost ($/t) 396 388 348 283 206 194
EBITDA per tonne of steel produced (USD/t) 188 127 96 150 123 116
Net Debt / EBITDA (x) 1.47 1.88 1.85 0.67 0.56 0,36

*2011-2012 results are presented in accordance with US GAAP; 2013-2016 results are presented in accordance with IFRS

**For 2013-2016 - 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