Metinvest iron ore concentrate output adds 7% m/m in November

The attributable production of iron ore concentrate at
Metinvest (METINV), Ukraine’s largest steel producer, amounted to 3.12 mmt
(103.9 kt per day) in November, according to Concorde Capital’s analysis of
separate news reports by Interfax-Ukraine. This is a 7.5% m/m increase on a
daily average basis. The holding’s pellet output was 784 kt in November, a
97.6% m/m jump on a daily average basis.

Concentrate production at Inhulets Iron Ore added 4.6%
m/m in November to a daily rate of 34.3 kt. Production at Northern Iron Ore
jumped 11.6% m/m to 36.0 kt per day. Production at Central Iron Ore slid 0.4%
m/m to 13.9 kt per day, whereas output at Southern Iron Ore jumped 11.7% m/m to
42.9 kt per day.

In 11M21, Metinvest’s attributable output of iron ore
concentrate rose 5.2% yoy to 34.10 mmt, or 102.1 kt per day, while its pellet
production gained 16.3% yoy to 7.85 mmt.

Dmytro Khoroshun: Metinvest’s
attributable daily concentrate output should amount to at least 97-100 kt in
the coming months, we expect.

November’s rebound of daily volumes after four months
of decreases is positive for Metinvest.

We maintain our neutral view on METINV bonds.