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Key ratios

Financial ratios
2012* 2013 2014  2015 2016 2017 2018 
EBITDA margin (%) 16% 14% 23% 24% 25% 26% 30% 
Operating profit margin (%)** 9% 6% 15% 17% 19% 20% 25% 
Net margin (%) 5% 1% 7% 12% 12% 14% 19% 
Slab cash cost ($/t) 388 348 283 206 194 260 266 
EBITDA per tonne of steel produced (USD/t) 127 96 150 123 116 158 208 
Net Debt / EBITDA (x) n/a 1.92 0.70 0.60 0.39 0.35 0.25 

*2012 results are presented in accordance with US GAAP; 2013-2017 results are presented in accordance with IFRS
** Operating profit before share of results of joint ventures, impairment of non-current assets and loss on disposals of property, plant and equipment