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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Evraz Plc | LSE:EVR | London | Ordinary Share | GB00B71N6K86 | ORD USD0.05 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 82.68 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEVR
RNS Number : 6221Z
Evraz Group S.A.
18 January 2011
EVRAZ GROUP 4Q 2010 and FY 2010 OPERATIONAL RESULTS
18 January 2011 - Evraz Group S.A. (LSE: EVR) today released its operational results for the fourth quarter of 2010 and full year 2010.
HIGHLIGHTS:
-- Production of steel and major rolled products recovered in 4Q10 following the completion of scheduled maintenance at Evraz's Russian steel mills in 3Q10.
-- Pricing for major product groups generally increased or remained flat reflecting the gradual recovery in all the world markets.
-- Coking coal production recovered in 4Q10 and increased 36.7% compared to the previous quarter.
-- Despite positive pricing and production trends, our 4Q10 EBITDA guidance remains unchanged since the 3Q10 trading update due to an increase in certain cost items, both seasonal (energy), and non-seasonal (staff costs, rising costs of raw materials).
STEEL
The output of finished products increased by 15-35% depending on product category in 2010 compared with 2009, reflecting demand recovery across the key markets.
As the Russian steel mills were fully utilised in 2010, the growing demand for finished products was met by reducing saleable semi-finished steel volumes by 28.4%.
Russia
Production of semi-finished products in 2010 compared to 2009 declined 8.3% in favour of higher margin products as a result of a continuing recovery in the Russian market. In particular, construction products production went up by 11.0% and railway products output by 27.0%, year-on-year.
In 4Q10 the semi-finished products output went up 4.9% against the previous quarter after completion of repairs of major production units, including blast furnace No 1, at Zapsib.
Ukraine
Meeting demand growth, DMZ produced 22.4% and 22.1% more steel and rolled products respectively and 73% less saleable pig iron in 4Q10 compared to 3Q10. The output of construction products increased by 22.8% and export billets by 33.5%, quarter-on-quarter.
Europe
In mid-November 2010, following the signing of an agreement with a hot metal supplier, Evraz re-launched steel production at its Czech subsidiary, Evraz Vitkovice Steel, which had been idle since July 2010. The facility has produced 93,000 tonnes of steel in the month and a half since its re-launch.
Flat-rolled product production declined by 7.3% in 4Q10 compared to 3Q10 because of an overhaul of the plate mill at Evraz Vitkovice Steel.
North America
Growth in finished goodsproduction volumes was driven by demand recovery in the US and Canada, and the overall strengthening of the North American market. Production of rails grew by 24.1% compared to 3Q10. The rise in rail production was achieved in order to support increased sales efforts at a time when infrastructure spending in rail is increasing. Production of tubular goods was driven by sustainable market demand, in particular for casing and tubing used in shale gas exploration projects. In 4Q10 production of flat-rolled products decreased by 5.6% compared to 3Q10 due to optimisation of inventory.
South Africa
The domestic market remains depressed with total rolled products production volumes staying flat in 4Q10 compared to the previous quarter. Lower output of construction (-6.9%) and flat-rolled products (-20.7%) in 4Q10 was compensated by a 277.9% increase in export billets volumes.
MINING
Coking Coal
Coking coal production at Yuzhkuzbassugol grew by 36.7% against 3Q10 as 4Q10 was largely devoid of the significant negative exceptional factors of the previous two quarters.
Steam Coal
Raw steam coal production was lower in 4Q10 compared to 3Q10 because of the equipment remounting at the Gramoteinskaya mine which has been taking place since September, and a temporary shutdown of the Tagaryshskaya mine for a safety inspection.
VANADIUM
Consolidated production of vanadium slag increased by 8.1% in 2010 vs. 2009 and remained marginally flat in 4Q10 compared to the previous quarter. Vanadium slag output rose in South Africa as old slag crushing capacities were recommissioned at Evraz Highveld Steel and Vanadium in 4Q10. The decrease in production in Russia, by 6.2% year-on-year and by 16.8% in 4Q10 against 3Q10, was due to decreased steel production at the NTMK steel mill resulting from the converter shop modernisation.
Production of ferrovanadium rose 68.2% in 2010 compared to 2009 following acquisition of Vanady-Tula, a vanadium refinery located in Russia, in November 2009. The production of ferrovanadium at the Group's own facilities exhibited growth of 149.2%, year-on-year, and 9.7% in 4Q10 as aqainst 3Q10.
* * *
Please note that the total volume of rolled steel products in the table below excludes those re-rolled at other Group's mills. These volumes are eliminated as intercompany sales for purposes of Evraz's consolidated operating results.
PRODUCTION VOLUMES
Product, '000 tonnes 2010/ 4Q 2010/ unless 2009, 4Q 3Q 3Q 2010, otherwise stated 2010 2009 change 2010 2010 change Steel products Coke (saleable) 1,823 1,744 4.6% 396 363 9.1% Pig iron 11,918 11,256 5.9% 2,889 2,944 (1.9)% Pig iron (saleable) 145 111 30.5% 32 73 (55.7)% Crude steel 16,291 15,284 6.6% 4,145 3,868 7.2% Rolled products, net of re-rolled volumes 14,665 14,275 2.7% 3,727 3,537 5.4% Semi-finished products 3,736 5,216 (28.4)% 931 805 15.5% Construction products 4,938 4,284 15.3% 1,301 1,229 5.8% Railway products 1,889 1,558 21.3% 466 448 4.1% Flat-rolled products 2,534 2,050 23.6% 599 646 (7.4)% Tubular products 903 673 34.2% 259 235 10.0% Other steel products 666 495 34.7% 173 174 (0.5)% Russia Coke (saleable) 669 671 (0.3)% 126 124 1.5% Pig iron 10,221 9,632 6.1% 2,462 2,499 (1.5)% Pig iron (saleable) 67 104 (35.7)% 17 15 11.5% Crude steel 11,954 11,278 6.0% 3,024 2,917 3.7% Rolled products, net of re-rolled volumes 10,856 10,415 4.2% 2,757 2,648 4.1% Semi-finished products 4,656 5,080 (8.3)% 1,162 1,107 4.9% Construction products 3,823 3,445 11.0% 1,020 967 5.6% Railway products 1,493 1,175 27.0% 349 353 (1.3)% Flat-rolled products 314 269 16.8% 77 75 3.1% Other steel products 571 446 27.9% 148 146 1.8% Ukraine Coke (saleable) 1,155 1,073 7.6% 270 239 13.0% Pig iron 920 963 (4.4)% 219 231 (5.3)% Pig iron (saleable) 79 8 n/a 16 58 (73.0)% Crude steel 884 975 (9.3)% 218 178 22.4% Rolled products 784 886 (11.5)% 192 157 22.1% Semi-finished products 331 625 (47.0)% 59 44 33.5% Construction products 409 248 65.1% 120 98 22.8% Other steel products 43 13 243.0% 13 15 (16.0)% Europe Crude steel 354 481 (26.5)% 93 0 n/a Rolled products 1,160 942 23.2% 283 299 (5.4)% Construction products 145 98 47.7% 31 29 8.5% Flat-rolled products 993 823 20.6% 247 266 (7.3)% Other steel products 22 20 7.2% 5 4 17.9% North America Crude steel 2,317 1,851 25.2% 598 560 6.8% Rolled products, net of re-rolled volumes 2,563 2,046 25.2% 668 638 4.7% Construction products 380 335 13.6% 89 93 (4.3)% Railway products 396 382 3.7% 117 94 24.1% Flat-rolled products 883 656 34.6% 203 215 (5.6)% Tubular products 903 673 34.2% 259 235 10.0% South Africa Pig iron 777 661 17.6% 209 214 (2.5)% Crude steel 783 699 12.0% 212 213 (0.6)% Rolled products 590 602 (2.0)% 146 149 (1.8)% Semi-finished products 35 126 (71.8)% 28 7 277.9% Construction products 180 158 13.6% 40 43 (6.9)% Flat-rolled products 344 302 13.9% 71 90 (20.7)% Other steel products 30 16 94.1% 7 9 (19.8)% Mining products Iron ore Lumpy ore (Ukraine) 2,044 1,678 21.8% 756 570 32.7% Concentrate, saleable (Russia) 5,822 5,648 3.1% 1,472 1,458 1.0% Sinter (Russia) 3,999 4,077 (1.9)% 940 937 0.3% Pellets (Russia) 5,616 5,515 1.8% 1,499 1,424 5.3% Fines ore (South Africa) 601 490 22.6% 152 137 11.2% Lumpy ore (South Africa) 1,723 1,357 27.0% 391 455 (14.0)% Coal Coking coal (mined) 7,509 10,300 (27.1)% 2,226 1,628 36.7% Steam coal (mined) 3,830 4,146 (7.6)% 518 961 (46.1)% Concentrate (production) 6,768 6,914 (2.1)% 1,808 1,585 14.1% Steam concentrate (production) 1,503 1,043 44.0% 197 514 (61.6)% Vanadium products (tonnes of V) Vanadium in slag (gross production) 20,969 19,403 8.1% 5,243 5,188 1.1% Russia 12,293 13,106 (6.2)% 2,590 3,112 (16.8)% South Africa 8,676 6,297 37.8% 2,653 2,076 27.8% Vanadium in final products (saleable) Ferrovanadium 13,507 8,029 68.2% 3,018 3,092 (2.4)% Produced at own facilities 5,252 2,107 149.2% 1,268 1,156 9.7% Processed at 3 parties' facilities 8,255 5,922 39.4% 1,750 1,936 (9.6)% Nitrovan(R) 2,408 1,724 39.7% 493 602 (18.1)% Oxides, vanadium aluminium and chemicals 1,317 976 34.9% 350 361 (3.0)% Equity investments Raspadskaya Coking coal (mined) 7,160 10,559 (32.2)% 1,274 1,108 14.9%
-- All information on production volumes of the enterprises presented in the press release concerns only the period of their operation within Evraz Group.
-- Numbers may not add to totals due to rounding. Percent changes based on numbers prior to rounding.
1 Total production by the Mapochs mine (structurally a division of Highveld) includes both production of lumpy ore for the Company's internal consumption at the Highveld steelmaking operations and fines ore sold to third parties. Prior to 3Q10 operational results press release only production for sale to 3rd parties has been shown.
2 Calculated in pure vanadium equivalent.
3 Evraz Group holds a 40% effective interest in OAO Raspadskaya.
AVERAGE SELLING PRICES
USD/tonne (ex works) unless otherwise stated 2010 2009 4Q 2010 3Q 2010 Steel products Russia Coke 196 113 210 200 Pig iron 384 247 392 421 Rolled products Semi-finished products 420 293 452 433 Construction products 595 438 639 610 Railway products 709 611 767 725 Flat-rolled products 589 438 607 627 Other steel products 655 499 699 679 Ukraine Coke 267 138 279 262 Pig iron 374 232 365 375 Rolled products Semi-finished products 438 351 511 456 Construction products 562 442 599 580 Other steel products 975 892 891 979 Europe Rolled products Construction products 759 721 822 788 Flat-rolled products 719 618 804 791 North America Rolled products Construction products 766 651 764 771 Railway products 942 956 941 924 Flat-rolled products 880 809 856 944 Tubular products 1,404 1,527 1,426 1,446 South Africa Rolled products Semi-finished products 429 276 419 495 Construction products 667 700 602 705 Flat-rolled products 710 684 776 777 Other steel products 516 336 437 815 Mining products Iron ore Lumpy ore (Ukraine) 58 28 60 63 Concentrate, saleable (Russia) 86 54 88 91 Sinter (Russia) 92 49 107 111 Pellets (Russia) 89 41 97 107 Fines ore (South Africa) 31 19 31 25 Coal Coking coal 66 35 80 76 Steam coal 26 19 27 27 Concentrate 140 71 158 144 Steam concentrate 58 31 52 47 Vanadium products (USD/t of V) Vanadium in final products Ferrovanadium 27,338 23,649 27,939 27,625 Nitrovan(R) 26,599 24,894 28,958 28,969 Oxides, vanadium aluminium and chemicals 38,527 41,191 39,516 38,982
Notes:
Semi-finished products include slabs, billets, pipe blanks and other semi-finished products.
Construction products include beams, channels, angles, rebars, wire rods wire, and other construction products.
Railway products include rails, wheels, tyres and other railway products.
Flat-rolled products include commodity plate, specialty plate and other flat products.
Tubular products include large diameter line pipes, ERW pipes and casings, seamless pipes and other tubular products.
Other steel products include rounds, grinding balls, mine uprights, strips etc. For Ukraine they also include railway products, for Europe - slabs and crane rails; for South Africa - rails.
###
For further information:
Media contact: Alex Agoureev VP, Public Relations +7 985 122 4822 media@evraz.com
Investor contact: Alexander Boreyko Director, Investor Relations +7 495 232 1370
ir@evraz.com
Evraz Group S.A. is a vertically-integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Europe, USA Canada and South Africa. The Company was ranked the 14th largest steel producer in the world based on crude steel production of 15.3 million tonnes in 2009. Evraz's internal consumption of iron ore and coking coal is covered by its mining operations. Evraz's consolidated revenues for the nine months ended 30 September 2010 were US$9,729 million and consolidated adjusted EBITDA amounted to US$1,766 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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