Metinvest steel output climbs 3% m/m in January
10 February 2021
Steel production at Ukraine’s largest producer
Metinvest (METINV) was 25.2 kt per day (or 780 kt per month) in January, a 3.3%
m/m increase, according to Concorde Capital’s analysis of separate news reports
by Interfax-Ukraine.
Ilyich Steel reported a 4.3% m/m gain in steel
production to 11.6 kt per day, while Azovstal’s output rose 2.4% m/m to 13.5 kt
per day in January. The holding’s hot iron output increased 5.7% m/m to 23.4 kt
per day.
Dmytro Khoroshun: Metinvest’s
January steel production rate was its highest since 2016, which is positive.
We expect Metinvest will continue producing steel at daily
rates of at least 23-24 kt in February-March in order to make the most of the
high prices period at the global markets.
We maintain our neutral view on METINV bonds.
