Interpipe pipe output rises 27% yoy in 5M18

Pipe production at Ukraine’s largest producer
Interpipe (INPIP) was 2.18 kt per day (or 67.7 kt per month) in May, a 1.7% m/m
increase in average daily terms, according to Concorde Capital’s analysis of a
June 25 news report by Interfax-Ukraine.

Interpipe NTRP pipe production dropped 4.0% m/m to
0.85 kt per day in May. Interpipe NMPP output slid 0.4% m/m to 0.34 kt per day.
Interpipe Niko Tube output improved 8.0% m/m to 1.00 kt per day.

In 5M18, Interpipe’s pipe production was 315.5 kt, or
26.7% more yoy.

In a separate news report, Interfax said that
Interpipe Steel’s output of crude steel was 2.90 kt per day in May, a 1.3% m/m
increase. The 5M18 steel output at Interpipe Steel was 405 kt, a 25.4% yoy
jump.

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