AMG Q1 Ebitda down 56% on low chromium, ferro-vanadium prices amid pandemic

Advanced Metallurgical Group (AMG) has reported a 56% decrease in earnings before interest, taxes, depreciation and amortization (Ebitda) for the first quarter of 2020 amid a decline in metal prices across its entire portfolio and depressed market conditions resulting from the Covid-19 pandemic.

The Amsterdam-listed group generated Ebitda of $22.3 million in January-March, a drop from $50.4 million in the first quarter of 2019.
It attributed the drop in earnings mainly to its critical materials business, which reported Ebitda of $9.7 million, down by 69% year on year from $31.1 million.
Revenue from AMG Critical Materials in the first quarter also fell by 30% to $159.2 million from $228.5 million, driven largely by lower prices for ferro-vanadium and chrome metal, the company said. Further losses were offset by increased profitability in graphite and silicon.

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