Interpipe pipe output rises 21% yoy in 7M18

Pipe production at Ukraine’s largest producer
Interpipe (INPIP) was 2.28 kt per day (or 70.7 kt per month) in July, a 0.6% m/m
increase in average daily terms, according to Concorde Capital’s analysis of an
Aug. 17 news report by Interfax-Ukraine.

Interpipe NTRP pipe production dropped 2.9% m/m to
0.85 kt per day in July. Interpipe NMPP output jumped 51.3% m/m to 0.36 kt per
day. Interpipe Niko Tube output decreased 7.1% m/m to 1.07 kt per day.

In 7M18, Interpipe’s pipe production was 452.1 kt, or
21.3% more yoy.

In a separate news report, Interfax-Ukraine said that
Interpipe Steel’s output of crude steel was 2.94 kt per day in July, a 1.2% m/m
increase. The 7M18 steel output at Interpipe Steel was 583 kt, a 19.7% yoy
jump.

Dmytro Khoroshun: Interpipe’s
daily pipe production volume remains strong, and we expect the company to
produce 0.77 mmt of pipes in 2018, up 18% yoy. We think the time is right for
Interpipe and its creditors to move forward with the debt restructuring the
company has recently proposed.