16 November 2020
Azovstal, one of the two steelmaking plants of
Ukraine’s largest producer Metinvest (METINV), will boost its steel production
to 10.5 kt per day (316 kt per month) in November, a 25% m/m jump, according to
a Nov. 12 report by Metal Expert, an industry consultancy.
The increase will be due to the completion of repairs
of oxygen converter No. 2, which started in mid-September and lasted for
approximately 45 days, Metal Expert said.
Dmytro Khoroshun: We estimate
steel production at Metinvest will increase 10% m/m to 22.3 kt per day in
November as a result of Azovstal completing its repairs.
We further expect Metinvest to boost its steel
production to 23-24 kt per day in December-January, based on Azovstal’s daily
production rates of 13.3 kt in June and 13.2 kt in August.
We maintain our neutral view on METINV bonds.