Metinvest iron ore concentrate output rises 5% m/m in April

The attributable production of iron ore concentrate at
the subsidiaries of Metinvest (METINV), Ukraine’s largest steel producer,
amounted to 2.73 mmt (90.8 kt per day) in April, according to Concorde Capital’s
analysis of separate news reports by Interfax-Ukraine. This is a 1.2% m/m
increase, or a 4.6% m/m rise on a daily average basis. The holding’s pellet
output was 958 kt in April, a 9.0% m/m gain (or a 12.6% m/m increase on a daily
average basis).

Concentrate production at Inhulets Iron Ore rose 1.1%
m/m in April to a daily rate of 31.3 kt. Production at Northern Iron Ore gained
13.9% m/m to 33.4 kt per day. Production at Central Iron Ore slid 2.4% m/m to
10.8 kt per day, whereas output at Southern Iron Ore dropped 0.9% m/m to 33.3
kt per day.

In 4M18, Metinvest’s attributable output of iron ore
concentrate rose 2.1% yoy to 10.71 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.