Main Investors Financial and Operational Results

Financial and Operational Results

	Unit	2020	2021	2022	2023	2024
Steel production	thousand tons	758	972	595	680	834
Railway product production	thousand tons	190	172	84	100	112
Pipe production	thousand tons	464	615	393	395	507

Revenue	million US dollars	865	1,133	981	989	1,050
EBITDA*	million US dollars	273	228	204	337	284
EBITDA margin	%	32%	20%	21%	34%	27%
Capex**	million US dollars	44	63	21	31	40
Free cash flow***	million US dollars	121	-2	142	147	113

* - EBITDA is calculated as operating profit or (loss) plus depreciation and amortisation charge, plus impairment of property, plant, equipment and intangible asset, plus loss / (gain) on disposal of property, plant and equipment, plus foreign exchange cash flow hedges effect, plus extraordinary losses / (gains) and plus operating foreign exchange gain/(loss).

** - Capex figure represents line Purchases of property, plant and equipment and intangible assets as part of net cash flow from investing activities

*** - Free Cash Flow is calculated as net cash flow from operating activities less net cash flow from investing activities

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