Metinvest steel output jumps 33% m/m in June
15 July 2020
Steel production at Ukraine’s largest producer Metinvest
(METINV) was 24.9 kt per day (or 748 kt per month) in June, a 33.3% m/m jump,
according to Concorde Capital’s analysis of separate news reports by
Interfax-Ukraine.
Ilyich Steel reported a 31.5% m/m gain in steel
production to 11.7 kt per day, while Azovstal’s output advanced 34.8% m/m to
13.3 kt per day in June. The holding’s hot iron output increased 28.6% m/m to
26.3 kt per day.
In 1H20, Metinvest’s steel output was 3.97 mmt (21.8
kt per day), or 1.1% more yoy.
Dmytro Khoroshun: June’s m/m
gains in daily iron and steel production rates at Metinvest were better than the 15-25% increase we estimated
from the 23% m/m increase in freight traffic data for June.
We maintain our negative view on METINV bonds.
