Metinvest affiliate Pokrovske Coal output jumps 24% in 9M19

Private joint stock company Pokrovske Coal produced
17.0 kt of raw coking coal per day in September, an 8.0% m/m increase,
according to Concorde Capital’s analysis of Energy Ministry data, as reported
by Interfax-Ukraine on Oct. 25.

In 9M19, Pokrovske Coal produced 3.66 mmt of coal, a
24.2% yoy jump.

Recall, Pokrovske Coal said in its 2018 annual report
that it plans to boost coal production 42%
yoy to 5.63 mmt in 2019. Metinvest (METINV), Ukraine’s largest steelmaker, owns
25% in Pokrovske Coal assets.

Dmytro Khoroshun: If the
company maintains its 3Q production rate in 4Q, it will boost its production
29% yoy to 5.2 mmt in 2019.

We maintain our bullish view on METINV bonds.