Key ratios

Financial ratios
2012* 2013 2014  2015 2016 2017
EBITDA margin (%) 16% 14% 23% 24% 25% 26%
Operating profit margin (%)** 9% 6% 15% 17% 19% 20%
Net margin (%) 5% 1% 7% 12% 12% 14%
Slab cash cost ($/t) 388 348 283 206 194 260
EBITDA per tonne of steel produced (USD/t) 127 96 150 123 116 158
Net Debt / EBITDA (x) n/a 1.92 0.70 0,60 0,39 0,35

*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