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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 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Bitmns Coal Undergrnd Mining | 14.16B | 3.03B | 2.0799 | 0.40 | 1.21B |
TIDMEVR
RNS Number : 7457T
Evraz Plc
17 October 2017
EVRAZ Q3 2017 PRODUCTION REPORT
17 October 2017 - EVRAZ plc (LSE: EVR; "EVRAZ" or the "Group") today released its operational results for the third quarter of 2017.
Q3 2017 vs Q2 2017 OPERATIONAL HIGHLIGHTS:
-- Consolidated crude steel output increased by 5.9% quarter-on-quarter to 3.5 million tonnes in Q3 2017, primarily following the completion of capital repairs at EVRAZ DMZ' oxygen-converter plant and the ramp-up of EVRAZ Regina after the planned outage in Q2 2017.
-- Production of steel products, net of re-rolled volumes, increased by 4.4% quarter-on-quarter to 3.1 million tonnes as a result of increased output of semi-finished products due to the completion of planned capital repairs at EVRAZ ZSMK and EVRAZ DMZ.
-- Production of construction products increased by 6.0% quarter-on-quarter following a seasonal upturn in demand.
-- Production of railway products was down 9.8% due to planned capital repairs at Russian facilities and planned downtime for maintenance in North America.
-- Output of flat products decreased by 9.3% quarter-on-quarter, mostly following a planned maintenance outage in North America.
-- In North America, output of tubular products, including large-diameter pipes (LDP), oil country tubular goods (OCTG) and small-diameter line pipes, increased as a result of higher steel availability after a planned outage at EVRAZ Regina and strong demand recovery in OCTG.
-- Consolidated raw coking coal output in Q3 2017 was in line with Q2 2017.
STEEL
Product, '000 tonnes Q3 Q2 2017 Q3 2017/ Q2 2017, change 9m 9m 9m 2017/ 9m 2016, change 2017 2017 2016 --------------------------- ------- -------- ------------------------- ------- ------- ------------------------- Coke (saleable) 232 171 35.6% 521 737 -29.3% Pig iron 2,827 2,793 1.2% 8,515 8,455 0.7% Pig iron (saleable) 76 195 -61.1% 315 315 0.2% Crude steel 3,506 3,312 5.9% 10,497 10,130 3.6% Steel products, gross* 3,348 3,206 4.4% 10,077 9,739 3.5% Steel products, net of re-rolled volumes 3,121 2,988 4.4% 9,364 9,160 2.2% Semi-finished products** 1,196 1,084 10.3% 3,726 3,741 -0.4% Finished products 1,925 1,904 1.1% 5,638 5,419 4.0% Construction products 1,027 969 6.0% 2,873 3,071 -6.4% Railway products 370 411 -9.8% 1,199 1,095 9.5% Flat-rolled products*** 189 208 -9.3% 587 418 40.4% Tubular products 189 159 18.5% 514 406 26.6% Other steel products 150 157 -4.8% 464 428 8.4% --------------------------- ------- -------- ------------------------- ------- ------- -------------------------
Note. Numbers in this table and the tables below may not add to totals due to rounding.
* Gross volume of steel products in the tables includes those re-rolled at other EVRAZ mills. However, such volumes are eliminated as inter-company sales for the purposes of EVRAZ' consolidated operating results.
** Consolidated production volumes of semi-finished products are preliminary, as intra-group re-rolling volumes are yet to be finalised.
*** Includes production volumes of EVRAZ Palini e Bertoli (60 thousand tonnes in Q3 2017 and 175 thousand tonnes in 9m 2017).
RUSSIA and KAZAKHSTAN
9m 9m Product, '000 tonnes Q3 2017 Q2 2017 Q3 2017/ Q2 2017, change 2017 2016 9m 2017/ 9m 2016, change ---------------------------- -------- -------- ------------------------- ------ ------ ------------------------- Coke (saleable) 113 75 50.8% 257 281 -8.5% Pig iron 2,547 2,537 0.4% 7,746 7,638 1.4% Pig iron (saleable) 34 90 -61.5% 161 265 -39.3% Crude steel 2,783 2,762 0.7% 8,525 8,234 3.5% Steel products, gross 2,605 2,558 1.8% 7,970 7,781 2.4% Steel products, net of re-rolled volumes 2,551 2,493 2.3% 7,812 7,608 2.7% Semi-finished products 1,234 1,178 4.8% 3,949 3,716 6.3% Finished products 1,316 1,315 0.1% 3,864 3,891 -0.7% Construction products 897 858 4.5% 2,514 2,650 -5.2% Railway products 285 311 -8.5% 925 845 9.5% Other steel products 135 145 -7.3% 425 396 7.2% ---------------------------- -------- -------- ------------------------- ------ ------ -------------------------
Saleable coke volumes increased by 50.8% quarter-on-quarter due to better market conditions.
In Q3 2017, production of crude steel and steel products (net of re-rolled volumes) increased slightly quarter-on-quarter (up 0.7% and 2.3%, respectively) as output in Q2 2017 was impacted by capital repairs at EVRAZ ZSMK's oxygen steelmaking converter no. 5.
The increase in steel product volumes was primarily caused by higher output of semi-finished products (up 4.8% quarter-on-quarter) and the growth of construction products output (up 4.5% quarter-on-quarter), reflecting improved market conditions.
Production of railway products was down by 8.5% quarter-on-quarter amid capital repairs of the rail mill at EVRAZ ZSMK in August.
Average selling prices
US$/tonne (ex works) Q3 Q2 9m 9m 2017 2017 2017 2016 -------------------------- ------- ------- ------- ------- Coke 173 172 182 85 Pig iron 282 251 260 160 Steel products Semi-finished products 364 352 353 240 Construction products 543 499 524 373 Railway products 648 646 637 467 Other steel products 506 501 503 368 -------------------------- ------- ------- ------- -------
Overall, steel selling prices in Q3 2017 followed positive trends according to global benchmarks.
In Q4 2017, we expect output of pig iron and crude steel to increase slightly quarter-on-quarter as no significant repairs are planned.
NORTH AMERICA
9m Product, '000 tonnes Q3 2017* Q2 2017 Q3 2017/ Q2 2017, change 9m 2017 2016 9m 2017/ 9m 2016, change ------------------------- --------- -------- ------------------------- -------- ------ ------------------------- Crude steel 451 402 12.1% 1,311 1,072 22.3% Steel products, net of re-rolled volumes 460 462 -0.5% 1,385 1,240 11.6% Construction products 57 60 -5.7% 184 194 -5.1% Railway products 85 99 -14.0% 274 250 9.5% Flat-rolled products 129 143 -9.9% 412 390 5.6% Tubular products 189 159 18.5% 514 406 26.6% ------------------------- --------- -------- ------------------------- -------- ------ -------------------------
* Q3 2017 production volumes are preliminary.
Crude steel output increased by 12.1% quarter-on-quarter as EVRAZ Regina ramped up production following the planned outage during Q2 2017.
Construction products output declined by 5.7% quarter-on-quarter as crude steel was allocated to seamless pipe.
Railway products output fell by 14.0% quarter-on-quarter due to planned maintenance downtime at Pueblo rail mill.
Production of flat-rolled products decreased 9.9% quarter-on-quarter due to planned maintenance downtime at Portland rolling mill during Q3 2017.
Production of tubular products rose by 18.5% quarter-on-quarter, thanks to higher steel availability at EVRAZ Regina, as well as to stronger demand for oil country tubular goods (OCTG), which have staged a strong recovery during 2017. Meanwhile, political uncertainty continued to impact line pipe demand.
Average selling prices
US$/tonne (ex works) Q3 Q2 9m 9m 2017 2017 2017 2016 ----------------------- ------- ------- ------- ------- Construction products 649 634 624 513 Flat-rolled products 817 829 794 644 Tubular products 1,204 1,018 1,074 971 ----------------------- ------- ------- ------- -------
Prices for most steel products increased during Q3 2017, reflecting prevailing trends in scrap and other inputs, reduced pressure from imports, and improving demand fundamentals. Meanwhile, prices for flat products were down as a result of a less favourable customer mix.
During the fourth quarter, we expect crude steel volumes to pick up slightly, tubular and railway products volumes to grow by 5-10%, construction products to remain essentially unchanged, and flat rolled products to fall by 5-10%.
UKRAINE
Q3 2017/ Q2 2017, Product, '000 tonnes Q3 2017 Q2 2017 change 9m 2017 9m 2016 9m 2017/ 9m 2016, change ------------------------- -------- -------- ------------------------ -------- -------- ------------------------- Coke (saleable) 119 96 23.8% 264 456 -42.1% Pig iron 280 257 9.1% 768 817 -6.0% Pig iron (saleable) 42 106 -60.8% 154 49 212.7% Crude steel 273 147 85.6% 661 824 -19.8% Steel products 223 121 85.0% 547 689 -20.6% Semi-finished products 135 58 131.3% 332 430 -22.8% Finished products 89 62 42.2% 215 259 -17.0% Construction products 73 50 46.5% 175 226 -22.6% Other steel products 15 12 24.8% 39 32 22.9% ------------------------- -------- -------- ------------------------ -------- -------- -------------------------
In Q3 2017, saleable coke volumes surged by 23.8% quarter-on-quarter due to increased orders from export and domestic customers.
Pig iron production went up 9.1% amid higher blast furnace productivity. Meanwhile, saleable pig iron volumes decreased reflecting the switch to billets production after completing capital repairs at EVRAZ DMZ, as well as upward price dynamics on semi-finished products.
Production of crude steel and steel products jumped by 85.6% and 85.0% quarter-on-quarter, respectively, after the completion of repairs at EVRAZ DMZ' rolling mill no. 1 and oxygen-converter plant and amid an increase in pig iron production in Q3 2017.
Average selling prices
US$/tonne (ex works) Q3 Q2 9m 9m 2017 2017 2017 2016 -------------------------- ------- ------- ------- ------- Coke (saleable) 217 230 232 136 Pig iron 315 322 320 202 Steel products Semi-finished products 396 353 362 266 Construction products 555 474 505 364 Other steel products 611 667 626 499 -------------------------- ------- ------- ------- -------
Overall, prices for steel products were higher than in Q2 2017, in line with the upward market trend.
In Q4 2017, we expect output of both crude steel and steel products to increase quarter-on-quarter, mainly due to lower sales volumes of pig iron.
IRON ORE
Product, '000 tonnes Q3 Q2 Q3 2017/ Q2 2017, change 9m 9m 9m 2017/ 9m 2016, change 2017 2017 2017 2016 ---------------------- ------- ------- ------------------------- ------- ------- ------------------------- Iron ore products* 4,195 4,535 -7.5% 13,714 14,921 -8.1% ---------------------- ------- ------- ------------------------- ------- ------- -------------------------
* Includes production of sinter, pellets and other iron ore products.
Note. 9m 2016-H1 2017 adjusted for volumes of saleable concentrate to third parties.
In Q3 2017, production of iron ore decreased by 7.5% quarter-on-quarter, mainly due to the disposal of EVRAZ Sukha Balka in June. This was accompanied by capital repairs of EVRAZ KGOK's sintering machine no. 2 in September. The reduced output of iron products was partially offset by increased production of pellets at EVRAZ KGOK after indurating machine no. 2 resumed work following its accidental outage in Q2 2017.
In Q4 2017, we expect sinter output to grow by roughly 9%, while production of pellets should remain flat quarter-on-quarter.
Average selling prices
US$/tonne (ex works) Q3 Q2 9m 9m 2017 2017 2017 2016 ---------------------- ------ ------ ------ ------ Pellets (Russia) 52 66 65 36 ---------------------- ------ ------ ------ ------
Prices for pellets moved in line with global benchmarks with a one-month lag.
COAL
Q3 2017/ 9m 2017/ Q3 Q2 Q2 2017, 9m 9m 9m 2016, Product, '000 tonnes 2017 2017 change 2017 2016 change ------------------------- ------ ------ ---------- ------- ------- ---------- Raw coking coal (mined) 6,062 6,048 0.2% 17,713 16,450 7.7% Yuzhkuzbassugol 3,236 2,761 17.2% 8,499 8,739 -2.7% Raspadskaya 2,602 3,071 -15.3% 8,559 7,314 17.0% Mezhegeyugol 224 216 3.9% 655 398 64.7% Coking coal concentrate (production) 3,814 3,612 5.6% 11,031 10,863 1.5% Yuzhkuzbassugol's coal washing plants 1,612 1,491 8.1% 4,594 4,912 -6.5% Raspadskaya's coal washing plant 1,652 1,615 2.3% 4,900 4,621 6.0% EVRAZ ZSMK's coal washing plant 550 506 8.8% 1,537 1,330 15.6% ------------------------- ------ ------ ---------- ------- ------- ----------
Raw coking coal output was slightly higher quarter-on-quarter after the Uskovskaya mine ramped up production following the longwall repositioning in Q2 2017, as well as due to higher raw coking coal output at the Alardinskaya and Erunakovskaya-8 mines in Q3 2017. This was almost completely offset by the scheduled longwall repositioning at the Raspadskaya mine in Q3 2017.
Output of coking coal concentrate rose by 5.6% quarter-on-quarter after logistical constraints on coal products shipments were mitigated and amid higher production at EVRAZ ZSMK's coal washing plant, which was mainly the result of an improvement in the coal concentrate yield.
In Q4 2017, we expect raw coal production to drop due to scheduled longwall repositioning at the Alardinskaya and Uskovskaya mines. This should be partially offset by higher output of raw coking coal at the Raspadskaya and Raspadskaya-Koksovaya mines.
Average selling prices
Q3 Q2 9m 9m US$/tonne (ex works) 2017 2017 2017 2016 ------------------------- ------- ------- ------- ------- Raw coking coal 50 52 63 31 Coking coal concentrate 98 103 118 58 ------------------------- ------- ------- ------- -------
In Q3 2017, coal prices were down in line with global benchmarks.
VANADIUM
9m 2017/ Q3 2017/ 9m Product, tonnes Q3 Q2 Q2 2017, 9m 9m 2016, of V* 2017 2017 change 2017 2016 change ---------------------- ------ ------ ---------- ------- ------- -------- Vanadium slag, gross production (Russia) 4,916 4,795 2.5% 14,264 12,536 13.8% Vanadium in final products (saleable) 2,745 2,641 4.0% 8,677 9,847 -11.9% ---------------------- ------ ------ ---------- ------- ------- --------
(*) Calculated in pure vanadium equivalent.
Vanadium slag production increased by 2.5% quarter-on-quarter, mostly due to higher pig iron output.
In Q3 2017, output of final vanadium products grew by 4.0% quarter-on-quarter amid higher ferrovanadium production, mainly on the back of improved availability of oxides.
Average FeV indices
US$/kgV Q3 Q2 9m 9m 2017 2017 2017 2016 ---------------------------------------------------------------------------------- ------- ------- ------- ------- Metal Bulletin Ferro-Vanadium basis 78% min, free DDP, consumer plant, 1st grade Western Europe 39.06 27.01 30.46 17.20 Ryan's Notes N.A. FeV 80% min, US ex-warehouse, duty paid 38.89 27.11 31.08 19.63 ---------------------------------------------------------------------------------- ------- ------- ------- -------
Sale prices for vanadium products followed market trends.
In Q3 2017, the Metall Bulletin FeV80 index averaged US$39.06/kgV, up 45% from US$27.01/kgV in Q2 2017. Meanwhile, the Ryan's Notes index, used in North America, averaged US$38.89/kgV in Q3 2017, up 43% from US$27.11/kgV in the previous quarter.
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. They also include railway products for Ukraine
###
For further information:
Media Relations:
London: +44 207 832 8998 Moscow: +7 495 937 6871
media@evraz.com
Investor Relations:
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
EVRAZ plc LEI: 5493005B7DAN39RXLK23
EVRAZ is a vertically integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Kazakhstan, USA, Canada, Czech Republic and Italy. EVRAZ is among the top steel producers in the world based on crude steel production of 13.5 million tonnes in 2016. A significant portion of the company's internal consumption of iron ore and coking coal is covered by its mining operations. The company's consolidated revenues for the year ended 31 December 2016 were US$7,713 million, and consolidated EBITDA amounted to US$1,542 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
October 17, 2017 02:00 ET (06:00 GMT)
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