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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 : 3100M
Evraz Plc
19 January 2016
EVRAZ Q4 and FY 2015 PRODUCTION REPORT
19 January 2016 - EVRAZ plc (LSE: EVR) ("EVRAZ" or the "Company") today releases its operational results for the fourth quarter and full year of 2015.
Q4 2015 vs Q3 2015 HIGHLIGHTS:
* Consolidated crude steel output increased by 2% to 3.6 million tonnes, following completion of maintenance works at EVRAZ Pueblo (USA) and DMZ (Ukraine) steel mills. * Production of steel products, net of re-rolled volumes, improved by 5%, mostly due to better performance in Ukraine. * Higher share of semi-finished steel products in consolidated volumes of 45% in Q4 2015 vs. 32% in Q3 2015 is due to seasonal slowdown in demand for finished, construction and railway, products in Russia. * Production of railway products rose 11% as a result of a return to a normalised level at EVRAZ Pueblo rail mill following maintenance works. * Production of tubular products increased 3% as a result of higher production at the Portland large diameter pipe mill in the USA. * Consolidated raw coking coal output increased by 12% on completion of longwall moves at Yuzhkuzbassugol mines. Production of coking coal concentrate declined by 6% driven by softer demand from Russian steelmakers.
FY 2015 vs FY 2014 HIGHLIGHTS:
* In 2015, the Company produced 14.3 million tonnes of crude steel, a 8% decrease over 2014, partially due to deconsolidation of EVRAZ Highveld Steel and Vanadium ("Highveld") in South Africa. * Without Highveld, the decrease in crude steel production would be 5%, with the worsening market conditions in the key markets as the main driver of the decline in crude steel and steel products output. * Production of steel products, net of re-rolled volumes, was 6% down (-4% without Highveld). * The share of finished steel products in consolidated volumes has been decreasing over the year from 69% in 2014 to 63% in 2015 as a result of softer demand and increasing competition in domestic markets, e.g. from other local steel producers in Russia and from imports in North America. * Consolidated raw coking coal output and production of coking coal concentrate decreased by 3% and 2% respectively impacted by both planned (schedule of longwall moves at Yuzhkuzbassugol) and unplanned (e.g. suspension of mining at MUK-96 mine at the Raspadskaya coal company due to market conditions) declines. * Record high production level at the Raspadskaya mine following successful implementation of mine restoration after the 2010 accident partly offset the lower production of coking coal and coking coal concentrate by the Company.
STEEL*
Product, '000 tonnes Q4 2015 Q3 2015 Q4 2015/ Q3 2015, change 2015 2014 2015/ 2014, change ------------------------------ -------- -------- ------------------------- ------- ------- ------------------- Coke (saleable) 192 203 -5.2% 966 1,137 -15.0% Pig iron 2,998 2,982 0.5% 11,922 12,373 -3.6% Pig iron (saleable) 127 189 -32.7% 552 362 52.3% Crude steel 3,561 3,492 2.0% 14,349 15,515 -7.5% Steel products, gross** 3,470 3,374 2.9% 13,962 15,106 -7.6% Steel products, net of re-rolled volumes 3,294 3,140 4.9% 13,115 14,013 -6.4% Semi-finished products *** 1,476 993 48.7% 4,913 4,369 12.4% Finished products 1,818 2,147 -15.3% 8,202 9,643 -14.9% Construction products 957 1,292 -25.9% 4,560 5,106 -10.7% Railway products 365 329 10.7% 1,516 1,829 -17.1% Flat-rolled products 154 182 -15.7% 710 1,027 -30.9% Tubular products 210 204 2.9% 833 1,062 -21.6% Other steel products 133 140 -4.5% 583 618 -5.6% ------------------------------ -------- -------- ------------------------- ------- ------- -------------------
Note. Numbers in this table and the tables below may not add to totals due to rounding.
* Includes production volumes of EVRAZ Vitkovice Steel disposed of in April 2014 and of EVRAZ Highveld Steel and Vanadium (EHSV) which are not consolidated starting from April 2015 due to business rescue proceedings
** Gross volume of steel products in the tables includes those re-rolled at other EVRAZ's mills. However, such volumes are eliminated as intercompany sales for purposes of EVRAZ's consolidated operating results.
*** Consolidated production volumes of semi-finished products are preliminary as Q4 2015 intra-group re-rolling volumes are yet to be finalised.
RUSSIA and KAZAKHSTAN
Product, '000 tonnes Q4 2015 Q3 2015 Q4 2015/ Q3 2015, change 2015 2014 2015/ 2014, change ------------------------------ -------- -------- ------------------------- ------- ------- ------------------- Coke (saleable) 56 74 -23.7% 303 402 -24.7% Pig iron 2,734 2,733 0.0% 10,764 10,706 0.5% Pig iron (saleable) 122 166 -26.3% 478 297 61.0% Crude steel 2,829 2,820 0.3% 11,401 11,798 -3.4% Steel products, gross 2,679 2,632 1.8% 10,741 11,052 -2.8% Steel products, net of re-rolled volumes 2,610 2,552 2.2% 10,458 10,807 -3.2% Semi-finished products 1,404 1,084 29.5% 4,995 4,799 4.1% Finished products 1,206 1,468 -17.9% 5,463 6,009 -9.1% Construction products 858 1,103 -22.2% 3,935 4,187 -6.0% Railway products 228 234 -2.5% 1,001 1,292 -22.6% Other steel products 119 131 -8.9% 528 529 -0.3% ------------------------------ -------- -------- ------------------------- ------- ------- -------------------
In Q4 2015, production of crude steel and steel products was marginally unchanged compared to Q3 2015: The 18% decrease in production of finished products, and particularly the 22% reduction in production of construction products, due to beginning of the low construction season in Russia and Kazakhstan, was balanced out with the 30% increase in the output of semi-finished goods, directed mostly to export destinations.
Quarterly production of railway products was marginally lower. The Company used the quarter to master the production of new types of rails for export markets, with a strengthened order book already in Q1 2016.
In 2015, pig iron production was flat vs. 2014. Volumes of saleable pig iron went up 61% as pig iron sales were more marginal than slabs in the export markets. Crude steel output declined by 3% accordingly.
Volumes of finished steel products sold predominantly in the Russian domestic market declined by 9% and those of semi-finished goods, mostly for export, grew by 4%, as a result of economic slowdown and softer demand.
On the whole, prices in 2015 were lower following global benchmarks. Prices in Q4 2015 were also negatively affected by the traditional seasonal factors.
Average selling prices
USD/tonne (ex works) Q4 2015 Q3 2015 2015 2014 -------------------------- -------- -------- ----- ----- Coke 98 108 109 118 Pig iron 133 189 180 293 Steel products Semi-finished products 203 241 256 410 Construction products 325 365 383 574 Railway products 495 527 540 747 Other steel products 352 381 405 580 -------------------------- -------- -------- ----- -----
January 19, 2016 06:22 ET (11:22 GMT)
Output of coking coal by the Raspadskaya coal company declined by 6%, mostly as a result of longwall moves at the Raspadskaya mine following completion of mining at its 5a-7-28 face in November. Other factors that affected production volumes were suspension of mining works at MUK-96 mine due to high cost of production and at Raspadskaya-Koksovaya mine's fileld 1 due to an endogenous fire hazard.
The lower volume of raw coal mined by the Raspadskaya coal company as well as higher consumption of own coal by some Russian steel producers, account for the 6% QoQ reduction in production of coking coal concentrate by EVRAZ' coal wasking plants, in particular by the Raspadskaya coal washing plant.
When comparing the full year 2015 to 2014, the 3% decrease in mining volumes was driven mostly by lower output by Yuzhkuzbassugol mines in accordance with the annual schedule of longwall moves. At the same time, the Raspadskaya coal company increased production despite suspension of MUK-96 and Raspadskaya-Koksovaya's field 1 as described above.
Pricing in the Russian market is set quarterly. In Q4 2015, the weighted average price of coking coal concentrate in Russian rouble terms remained unchanged compared to Q3 2015. Rouble prices increased in the Russian market and did not change in the export markets due to the rouble weakening.
In 2015 to 2014 comparison, prices in rouble terms increased due to higher prices domestically as well as a shift in shipments in favour of more expensive grades. However, due to to sharp Russian rouble depreciation, when re-calculated in US dollars, the prices in 2015 were lower than in 2014.
Average selling prices
USD/tonne (ex works) Q4 2015 Q3 2015 2015 2014 ------------------------- -------- -------- ----- ----- Raw coking coal 35 29 34 46 Coking coal concentrate 56 54 58 70 ------------------------- -------- -------- ----- -----
VANADIUM
Product, tonnes of V* Q4 2015 Q3 2015 Q4 2015/ Q3 2015, change 2015 2014 2015/ 2014, change ------------------------------ -------- -------- ------------------------- ------- ------- ------------------- Vanadium in slag (gross production) 4,094 4,140 -1.1% 17,984 22,252 -19.2% Russia 4,094 4,140 -1.1% 16,196 15,125 7.1% South Africa 0 0 n/a 1,788 7,127 -74.9% Vanadium in final products (saleable) 3,098 3,108 -0.3% 14,681 13,870 5.9% ------------------------------ -------- -------- ------------------------- ------- ------- -------------------
(*) Calculated in pure vanadium equivalent
In Q4 2015, Vanadium slag production was marginally unchanged. The 19% decrease in 2015 compared to 2014 is attributable to EVRAZ Highveld's deconsolidation since April 2015. Without Highveld, vanadium slag production increased by 7% YoY due to improved extraction yields at EVRAZ NTMK.
Production of final vanadium products was stable QoQ and rose by 6% YoY despite deconsolidation of EVRAZ Highveld's subsidiary Hochvanadium. The increase came from higher oxide and chemical production at Stratcor, USA, as a result of improvements made to the plant during the year, as well as higher ferrovanadium production at Nikom in the Czech Republic due to better oxide availability.
Average Q4 2015 Metall Bulletin FeV80 index $13.45/kgV declined by 24.81% vs. $17.9/kgV in Q3. Meanwhile Ryan's Notes index used in North America averaged $15.01/kgV in Q4 2015, a 23.53% fall against $19.63/kgV in the previous quarter. The EVRAZ selling quotation followed suit.
Average FeV indices
USD/tonne of V Q4 2015 Q3 2015 2015 2014 -------- -------- ------ ------ Metal Bulletin Ferro-Vanadium basis 78% min, free DDP, consumer plant, 1st grade Western Europe 13.46 17.90 18.58 25.53 Ryan's Notes N.A. FeV 80% min, US ex-warehouse, duty paid 15.01 19.63 20.21 28.73 ---------------------------------------------------------------------------------- -------- -------- ------ ------
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 further information:
Media Relations: London: +44 207 Moscow: +7 495 832 8998 937 6871 media@evraz.com Investor Relations: London: +44 207 Moscow: +7 495 832 8990 232 1370 ir@evraz.com
EVRAZ is a vertically integrated steel, mining and vanadium business with operations in the Russian Federation, Ukraine, Kazakhstan, USA, Canada, Czech Republic, and South Africa. EVRAZ is among the top steel producers in the world based on crude steel production of 15.5 million tonnes in 2014. 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 2014 were US$13,061 million, and consolidated EBITDA amounted to US$2,325 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUKUARNRAAAAR
(END) Dow Jones Newswires
January 19, 2016 06:22 ET (11:22 GMT)
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