Interpipe’s EBITDA fell by 63% in the first quarter.

 One of Ukraine’s largest steel producers, Interpipe, experienced a 63% year-over-year drop in EBITDA to $15M due to the war and production cuts. In the first three months of the year, steel production decreased by 16% year-on-year to 163,000 tons, pipes by 12,000 tons to 97,000 tons, and railway production by 43% to 23,000 tons. The company’s sales decreased by 10% to 140,000 tons. Despite this, due to higher global steel prices, revenue from product sales increased by 19% to $239M – primarily thanks to a 47% increase in revenue from the sale of pipes to $181M. In addition to the loss of sales volume and additional logistics costs due to the war, the financial results were also affected negatively by the increase in the price of primary raw materials: scrap metal, electricity, and natural gas.