Metinvest affiliate Pokrovske Coal output rises 23% in 2M21
18 March 2021
Private joint stock
company Pokrovske Coal produced 1.09 mmt of raw coking coal (18.5 kt per day)
in 2M21, a 22.8% yoy rise, according to Concorde Capital’s analysis of
Ukraine’s Energy Ministry data.
In 2020, Pokrovske
Coal’s output was 6.13 mmt of raw coking coal (16.8 kt per day), a 22.6% yoy
rise. In 2019, Pokrovske Coal produced 5.0 mmt of coal (13.7 kt per day), a
25.8% yoy jump.
Metinvest (METINV),
Ukraine’s largest steelmaker, in March increased its effective interest in the
so-called Pokrovske coal business, which includes Pokrovske Coal, to a controlling stake. Metinvest plans to increase its stake in Pokrovske coal business
to 100% in 2022.
Dmytro Khoroshun: Pokrovske Coal’s 2021 output will
amount to 6.9-7.7 mmt (19-21 kt per day), or 13-25% more yoy, we continue to
expect.
In March, Pokrovske
Coal announced plans to boost its output to 8 mmt (21.9 kt per day) in 2021, or
30% more yoy.
We maintain our neutral
view on METINV bonds.
