Metinvest steel output rises 10% m/m in August
Steel production at Ukraine’s largest producer Metinvest (METINV) was 25.2 kt per day (or 780 kt per month) in August, a 10.3% m/m increase, according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine.
Ilyich Steel reported a 5.7% m/m gain in steel production to 11.9 kt per day, while Azovstal’s output advanced 14.8% m/m to 13.2 kt per day in August. The holding's hot iron output increased 4.7% m/m to 26.0 kt per day.
In 8M20, Metinvest's steel output was 5.45 mmt (22.4 kt per day), or 4.0% more yoy.
Dmytro Khoroshun: Metinvest's m/m gains in daily iron and steel production rates were above the 3% increase we estimated from the dynamics in freight traffic data for August.
We maintain our neutral view on METINV bonds.