Metinvest steel output rose 1% qoq in 1Q21

Ukraine’s largest steelmaker Metinvest (METINV)
reported on April 30 a 1% qoq rise in steel production at its subsidiaries to
2.129 mmt in 1Q21. Azovstal’s output added 2% qoq to 1.055 mmt in 1Q21, while
Ilyich Steel’s output slid 1% qoq in 1Q21 to 1.074 mmt, according to the
holding’s quarterly operational update.

The holding’s hot iron output in 1Q21, 2.151 mmt, rose
2% qoq.

The 1Q21 output of semi-finished products at Metinvest
lost 6% qoq to 765 kt as its merchant pig iron output added 17% qoq to 279 kt
while its merchant slab output dropped 16% qoq to 486 kt.

The holding’s finished product output rose 10% qoq in
1Q21 to 1.634 mmt due to a 15% qoq increase in hot-rolled plate output to 681
kt, a 29% jump in long product output to 215 kt, and a 6% qoq rise in
hot-rolled coil production to 510 kt, which was offset by a 86% qoq plunge in
railway product output to 4 kt.

Total coke production dropped 4% qoq to 1.170 mmt in
1Q21, while merchant coke output lost 4% qoq to 520 kt.

Total 1Q21 iron ore concentrate production inched up
1% qoq to 7.795 mmt, whereas output of merchant iron ore products rose 3% qoq
to 4.832 mmt due to a 59% qoq surge in merchant pellet production to 1.970 mmt
that was partially offset by a 17% qoq drop in merchant iron ore concentrate
production to 2.862 mmt.

Production of coking coal concentrate at Metinvest
skyrocketed 56% qoq to 990 kt in 1Q21 due to the beginning of consolidation of
Pokrovske coal business from March, which added 262 kt to the 1Q21 volume.

Dmytro Khoroshun: We expect
Metinvest in 2Q21 to continue producing both steel and iron ore at the 1Q21
levels to make the most of the period of high prices at the global markets.