Metinvest iron ore concentrate output flat m/m in July

The attributable production of iron ore concentrate at
the subsidiaries of Metinvest (METINV), Ukraine’s largest steel producer, amounted
to 2.69 mmt (86.9 kt per day) in July, according to Concorde Capital’s analysis
of separate news reports by Interfax-Ukraine. This is a 3.3% m/m increase, or a
0.1% m/m slide on a daily average basis. The holding’s pellet output was 1,010
kt in July, an 11.4% m/m gain (or a 7.8% m/m increase on a daily average
basis).

Concentrate production at Inhulets Iron Ore rose 1.1%
m/m in July to a daily rate of 30.3 kt. Production at Northern Iron Ore lost
4.8% m/m to 28.5 kt per day. Production at Central Iron Ore improved 8.5% m/m
to 12.6 kt per day, whereas output at Southern Iron Ore increased 0.5% m/m to
33.7 kt per day.

In 7M18, Metinvest’s attributable output of iron ore
concentrate rose 1.1% yoy to 18.79 mmt.

Dmytro Khoroshun: We expect Metinvest’s 2018 attributable iron ore concentrate output to
rise by up to 2% yoy to 32.0-32.5 mmt.