Metinvest steel output jumped 19% m/m in April

Steel production at Ukraine’s largest producer
Metinvest (METINV) was 25.0 kt per day (or 750 kt per month) in April, a 19.2%
m/m increase, according to Concorde Capital’s analysis of separate news reports
by Interfax-Ukraine.

Ilyich Steel reported a 2.3% m/m loss in steel
production to 11.7 kt per day, while Azovstal’s output skyrocketed 47.6% m/m to
13.3 kt per day in April. The holding’s hot iron output increased 14.2% m/m to
26.2 kt per day.

In 4M21, Metinvest’s steel output was 2.87 mmt (23.9
kt per day), or 8.8% more yoy.

Dmytro Khoroshun: Metinvest
will continue to produce steel at rates of at least 23-24 kt in the coming
months in order to make the most of the period of high prices at the global
markets, we expect.

A jump of up to 19% m/m in Metinvest’s steel
production was expected for April due to the
completion of repairs at Azovstal.

We maintain our neutral view on METINV bonds.