Metinvest steel output slides 9% m/m in July
18 August 2020
Steel production at Ukraine’s largest producer Metinvest
(METINV) was 22.8 kt per day (or 707 kt per month) in July, an 8.5% m/m slide,
according to Concorde Capital’s analysis of separate news reports by
Interfax-Ukraine.
Ilyich Steel reported a 3.2% m/m loss in steel
production to 11.3 kt per day, while Azovstal’s output retreated 13.2% m/m to
11.5 kt per day in July. The holding’s hot iron output decreased 5.7% m/m to
24.8 kt per day.
In 7M20, Metinvest’s steel output was 4.67 mmt (21.9
kt per day), or 3.8% more yoy.
Dmytro Khoroshun: Metinvest’s
m/m losses in daily iron and steel production rates were in line with
the 7% decrease we estimated from the dynamics in freight
traffic data for July.
We maintain our neutral view on METINV bonds.
