Growth of revenue by 18% qoq in Q2 to $2.54 bn, driven by a 14% qoq increase in sales and an improvement in the product mix (20% growth of finished product sales), against the backdrop of a fall in steel product prices.
- Q2 EBITDA eased by 2% (growth by 31% yoy) to $603 m following the narrowing of spreads between steel product and raw material prices. H1 EBITDA climbed by 63% to $1,221 m, supported by Strategy 2017 gains, and the recovery in steel product prices.
- Growth of free cash flow Q2 by 56% qoq to $325 m due to the growth of inflow from operating activities. H1 FCF grew by 23% yoy to $533, driven by lower capex and higher business profitability.
- Debt leverage remains low, Net debt/EBITDA at 0.4х.