Interpipe pipe output rises 24% yoy in 1H18

Pipe production at Ukraine’s largest producer
Interpipe (INPIP) was 2.27 kt per day (or 68.0 kt per month) in June, a 3.8%
m/m increase in average daily terms, according to Concorde Capital’s analysis
of a July 20 news report by Interfax-Ukraine.

Interpipe NTRP pipe production rose 2.6% m/m to 0.87
kt per day in June. Interpipe NMPP output plunged 29.5% m/m to 0.24 kt per day.
Interpipe Niko Tube output jumped 16.0% m/m to 1.16 kt per day.

In 1H18, Interpipe’s pipe production was 382.8 kt, or
24.3% more yoy.

In a separate news report, Interfax said that
Interpipe Steel’s output of crude steel was 2.90 kt per day in June, a 0.1% m/m
decrease. The 1H18 steel output at Interpipe Steel was 492 kt, a 22.1% yoy jump.

Dmytro Khoroshun: Interpipe’s daily pipe production volume is above 2.1 kt for the fifth
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 debt
restructuring.