Interpipe pipe output rises 27% yoy in 4M18

Pipe production at Ukraine’s largest producer
Interpipe (INPIP) was 2.15 kt per day (or 64.4 kt per month) in April, a 1.4% m/m
decrease in average daily terms, according to Concorde Capital’s analysis of a
May 29 news report by Interfax-Ukraine.

Interpipe NTRP pipe production rose 6.1% m/m to 0.89
kt per day in April. Interpipe NMPP output jumped 16.0% m/m to 0.34 kt per day.
Interpipe Niko Tube output dropped 12.2% m/m to 0.92 kt per day.

In 4M18, Interpipe’s pipe production was 249.0 kt, or
26.9% more yoy.

In a separate May 23 news report, Interfax said that
Interpipe Steel’s output of crude steel was 2.87 kt per day in April, an 11.1%
m/m increase. The 4M18 steel output at Interpipe Steel was 315 kt, a 27.0% yoy
jump.

Dmytro Khoroshun: Interpipe’s daily pipe production volume is above 2.1 kt for the third
month in a row. The firm’s year-on-year dynamic is strong. As we emphasized in
our Apr. 11 report, it might be a good time for Interpipe to consider
restructuring.