Metinvest iron ore concentrate output adds 1% m/m in December

The attributable production of iron ore concentrate at
Metinvest (METINV), Ukraine’s largest steel producer, amounted to 3.26 mmt
(105.2 kt per day) in December, according to Concorde Capital’s analysis of
separate news reports by Interfax-Ukraine. This is a 1.2% m/m increase on a
daily average basis. The holding’s pellet output was 750 kt in December, a 7.5%
m/m drop on a daily average basis.

Concentrate production at Inhulets Iron Ore added 3.4%
m/m in December to a daily rate of 35.5 kt. Production at Northern Iron Ore
inched up 1.3% m/m to 36.5 kt per day. Production at Central Iron Ore slid 1.5%
m/m to 13.7 kt per day, whereas output at Southern Iron Ore decreased 0.9% m/m
to 42.5 kt per day.

In 2021, Metinvest’s attributable output of iron ore
concentrate rose 5.4% yoy to 37.33 mmt, or 102.3 kt per day, while its pellet
production gained 14.0% yoy to 8.61 mmt.

Dmytro Khoroshun: Metinvest’s
attributable daily concentrate output should remain above 100 kt in the coming
months, we expect.

We maintain our neutral view on METINV bonds.