Metinvest iron ore concentrate output rises 5.7% in 11M19

The attributable production of iron ore concentrate at
the subsidiaries of Metinvest (METINV), Ukraine’s largest steel producer,
amounted to 2.76 mmt (91.9 kt per day) in November, according to Concorde
Capital’s analysis of separate news reports by Interfax-Ukraine. This is a 2.3%
m/m gain on a daily average basis. The holding’s pellet output was 719 kt in
November, a 27.0% m/m jump on a daily average basis.

Concentrate production at Inhulets Iron Ore gained
12.5% m/m in November to a daily rate of 30.8 kt. Production at Northern Iron
Ore slid 2.1% m/m to 33.8 kt per day. Production at Central Iron Ore slid 1.6%
m/m to 12.7 kt per day, whereas output at Southern Iron Ore decreased 2.8% m/m
to 31.6 kt per day.

In 11M19, Metinvest’s attributable output of iron ore
concentrate rose 5.7% yoy to 30.58 mmt, or 91.6 kt per day.

Dmytro Khoroshun: We are keeping our estimate for Metinvest’s 2019 attributable iron ore
concentrate output at 33.1-33.5 mmt (91-92 kt per day), or 5-6% more yoy. The
management guidance for Metinvest’s subsidiaries (excluding Southern Iron Ore)
is for a 4-5% yoy increase, or by 1.2-1.3 mmt.