Interpipe pipe output rises 19% in 10M18

Pipe production at Ukraine’s largest producer
Interpipe (INPIP) was 2.10 kt per day (or 65.1 kt per month) in October, a 0.6%
m/m increase in average daily terms, according to Concorde Capital’s analysis
of a Nov. 26 news report by Interfax-Ukraine.

Interpipe NTRP pipe production dropped 4.5% m/m to
0.71 kt per day in October. Interpipe NMPP output plunged 17.1% m/m to 0.33 kt
per day. Interpipe Niko Tube output jumped 12.2% m/m to 1.06 kt per day.

In 10M18, Interpipe’s pipe production was 645.6 kt, or
19.3% more yoy.

In a separate news report, Interfax-Ukraine said that
Interpipe Steel’s output of crude steel was 2.74 kt per day in October, a 6.8%
m/m increase. The 10M18 steel output at Interpipe Steel was 823 kt, a 17.2% yoy
gain.

Dmytro Khoroshun: We continue to expect the company will produce 0.76 mmt of pipes in
2018, about 15% yoy higher. We also continue to think the time is right for
Interpipe and its creditors to move forward with the debt restructuring the
company has recently proposed.