Metinvest iron ore concentrate output flat m/m in September

The attributable production of iron ore concentrate at
the subsidiaries of Metinvest (METINV), Ukraine’s largest steel producer,
amounted to 2.43 mmt (81.0 kt per day) in September, according to Concorde
Capital’s analysis of separate news reports by Interfax-Ukraine. This is a 3.0%
m/m decrease, or a 0.2% m/m increase on a daily average basis. The holding’s
pellet output was 840 kt in September, a 4.0% m/m loss (or a 0.8% m/m decrease
on a daily average basis).

Concentrate production at Inhulets Iron Ore jumped
9.7% m/m in September to a daily rate of 30.5 kt. Production at Northern Iron
Ore plunged 8.6% m/m to 22.7 kt per day. Production at Central Iron Ore inched
up 1.2% m/m to 12.9 kt per day, whereas output at Southern Iron Ore decreased
3.6% m/m to 32.3 kt per day.

In 9M18, Metinvest’s attributable output of iron ore
concentrate was flat yoy at 23.73 mmt.

Dmytro Khoroshun: We expect Metinvest’s 2018 attributable iron ore concentrate output to
amount to around 31 mmt, or a 3% yoy loss.