Interpipe pipe output rises 26% yoy in 1Q18

Pipe production at Ukraine’s largest producer, Interpipe
(INPIP), was 2.18 kt per day (or 67.5 kt per month) in March, a 2.0% m/m
increase in average daily terms, according to Concorde Capital’s analysis of an
Apr. 13 news report by Interfax-Ukraine.

Interpipe NTRP reported a 2.5% m/m fall in pipe production
to 0.84 kt per day in March. Interpipe NMPP showed a 5.6% m/m jump to 0.29 kt
per day. Interpipe Niko Tube demonstrated a 4.8% m/m rise to 1.05 kt per day.

In 1Q18, Interpipe’s pipe output was 185.5 kt, or
26.4% more yoy.

In a separate Apr. 13 news report, Interfax said that
Interpipe Steel’s output of crude steel was 2.58 kt per day in March, a 3.7%
m/m decline. The 1Q18 steel output at Interpipe Steel was 229 kt, a 26.5% yoy
jump.

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