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Metinvest steel output climbs 3% m/m in January

Metinvest steel output climbs 3% m/m in January

10 February 2021

Steel production at Ukraine’s largest producer
Metinvest (METINV) was 25.2 kt per day (or 780 kt per month) in January, a 3.3%
m/m increase, according to Concorde Capital’s analysis of separate news reports
by Interfax-Ukraine.

Ilyich Steel reported a 4.3% m/m gain in steel
production to 11.6 kt per day, while Azovstal’s output rose 2.4% m/m to 13.5 kt
per day in January. The holding’s hot iron output increased 5.7% m/m to 23.4 kt
per day.

 

Dmytro Khoroshun: Metinvest’s
January steel production rate was its highest since 2016, which is positive.

 

We expect Metinvest will continue producing steel at daily
rates of at least 23-24 kt in February-March in order to make the most of the
high prices period at the global markets.

 

We maintain our neutral view on METINV bonds.

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