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Key ratios

Financial ratios
2013 2014  2015 2016 2017 2018   2019
EBITDA margin (%) 14% 23% 24% 25% 26% 30%  24%
Operating profit margin (%)* 6% 15% 17% 19% 20% 25%  19%
Net margin (%) 1% 7% 12% 12% 14% 19%  13%
Slab cash cost ($/t) 348 283 206 194 260 266   256
EBITDA per tonne of steel produced (USD/t) 96 150 123 116 158 208   165
Net Debt / EBITDA (x) 1.92 0.70 0.60 0.39 0.35 0.25   0.70

* Operating profit before share of results of joint ventures, impairment of non-current assets and loss on disposals of property, plant and equipment