Metinvest subsidiary Pokrovske Coal output drops 7% m/m in January

Pokrovske Coal, Ukraine’s largest coking coal miner
and a subsidiary of Metinvest (METINV), produced 525 kt of raw coking coal
(16.9 kt per day) in January, 6.6% lower yoy and 7.4% less m/m, according to
Concorde Capital’s analysis of Ukraine’s Energy Ministry data.

Dmytro Khoroshun: Pokrovske
Coal might increase its output following the launch of a new longwall
in mid-January.

We tentatively expect Pokrovske Coal’s 2022 output at
6.4-7.3 mmt (17.5-20.0 kt per day), or 3-17% more yoy.

We maintain our neutral view on METINV bonds.