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Steel output up 2% mom in January, but down 2% yoy

Steel output up 2% mom in January, but down 2% yoy

2 February 2012

Ukrainian steel makers manufactured 2.8 mmt of steel in January 2012 (+2% mom, -2% yoy), Interfax reported yesterday. Output at Azovstal (AZST UK) and MMK Illicha (MMKI UK), Metinvest subsidiaries, decreased 19% and 14% yoy, respectively, but was flat in mom terms. Yenakiieve Steel (ENMZ UK), another Metinvest subsidiary, increased output 9% yoy and 13% mom. Output at Alchevsk Iron & Steel (ALMK UK), part of the Industrial Union of Donbas, was up 16% yoy, but down 2% mom.

Steel production in Ukraine, kt
————————————————————-
                             12/2011  01/2012    mom  01/2011     yoy
————————————————————-
Azovstal                      395      395          0.0%    485      -18.6%
MMK Illicha Steel         456      458          0.4%     530     -13.6%
Alchevsk Iron & Steel   332      325          -2.1%    280     16.0%
Yenakiieve Steel          219      247          12.8%    226     9.0%
————————————————————-
Total in Ukraine         2,759    2,819         2.2%    2,864   -1.6%
————————————————————-
Source: Interfax

Roman Topolyuk: The increase in output at Yenakiieve Steel in January was supported by a stronger market for long products, while prices on flat products manufactured by Azovstal, MMK Illicha and Alchevsk Iron & Steel have been weaker in the last two months. The production declines at Azovstal and MMK Illicha is related to a high comparison base. Overall, Ukraine’s steel sector going through a tough period caused by a global slowdown in demand. We think this trend might reverse as steel traders and consumers restock in March-April, which could push production and prices higher by end-1Q12.

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