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Metinvest cuts 1H14 finished output by 8%, raises semis output by 38%

Metinvest cuts 1H14 finished output by 8%, raises semis output by 38%

21 July 2014

Ukraine’s leading steel holding Metinvest (METINV) decreased production of crude steel 8% yoy to 5.725 mmt in 1H14, according to its operating update released on July 18. Its two steel mills based in the city of Mariupol reported a 12% yoy decline in crude steel output, while its third plant, Yenakiyeve Steel, reported a 5% yoy increase in crude output in 1H14. The holding’s semi-annual result implies that its 2Q14 crude steel output fell 5% yoy to 2.970 mmt, with all three production facilities showing a yoy decline.

 

The decline in crude steel output in 2Q14 was mostly caused by higher deliveries of pig iron to third parties rather than its processing into steel. The production of marketable pig iron increased 2.4x yoy to 354 kt in 2Q14, and 3.2x yoy to 720 kt in 1H14. Metinvest also reported a continuing increase in production of semi-finished steel products. Output of slabs and billets increased 3% yoy to 1.230 mmt in 1H14 (including +1% yoy to 604 kt in 2Q14). This resulted in boosted production of all semi-finished iron and steel products by 38% yoy to 1.950 mmt in 1H14.

 

At the same time, the holding reported another quarter of sliding production of its finished steel products: down 2% yoy to 2.124 mmt in 2Q14. The quarterly decline was much smaller than in 1Q14 (-14% yoy), and it resulted in a 1H14 drop in finished products output of 8% yoy.

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