Page 81 - UKRRptNov21

m/m to $2,017mn. Its gross debt dropped $203mn m/m to $2,246mn, while its net debt lost $146mn m/m to $229mn.
Metinvest metallurgical segment’s EBITDA (including JVs) dropped 16.4% m/m to $351mn in August, while its mining segment’s EBITDA plunged 27.4% m/m to $443mn.
Excluding JVs, Metinvest metallurgical segment’s EBITDA lost 17.3% m/m to $305mn in August, while its mining segment’s EBITDA dropped 20.9% m/m to $387mn.
The ratio of Metinvest’s net debt to its LTM EBITDA (excluding JVs) dropped to 0.04x at the end of August, down from 0.08x a month ago.
Metinvest’s iron and steel product prices finally turned and dropped m/m in August, losing 5% for pig iron, 5% for slabs, 9% for billets, 2% for flat products and 3% for long products. Its iron ore concentrate price lost 15% m/m in August, while the pellet price dropped 10% m/m.
● Interpipe
Interpipe OCTG pipe sales surged 99% in 9M21. Railway product sales volume at Ukraine’s largest pipe and railway wheel producer Interpipe was 17.1 kt in September, a 17.0% m/m increase, according to the company’s monthly operational report released on October 20. Pipe sales added 8.3% m/m to 60.9 kt, while external billet sales jumped 66.1% m/m to 6.0 kt.
The m/m increase in pipe sales in September was due to several factors. First, OCTG pipe sales jumped 20.3% m/m to 23.0 kt amid growing demand across all key markets, the report said. Second, line pipe sales (+4.1% m/m to 30.4 kt) were supported by robust demand globally. Third, mechanical pipe sales rose 19.4% m/m to 2.9 kt mainly due to higher shipments of cold-rolled pipes to Saudi Arabia. However, welded pipe sales dropped 15.8% m/m to 4.6 kt after a surge last month.
The m/m gain in railway product sales was fueled by higher sales in Ukraine and Europe, according to the report.
During 9M21, Interpipe’s pipe sales added 16.8% y/y to 419.6 kt, driven by a 98.6% y/y surge for OCTG pipes to 127.0 kt. Line pipe sales added 6.5% y/y to 235.5 kt, while sales of mechanical pipes advanced 35.8% y/y to 17.9 kt. However, welded pipe sales plunged 35.7% y/y to 39.3 kt in 9M21.
Railway product sales dropped 13.1% y/y to 128.1 kt in 9M21, driven by a 17.6% loss for wheels to 105.7 kt, partially offset by a 25.8% increase for wheelsets to 18.3 kt.
Interpipe boosted its external billet sales 80.9% y/y in 9M21 to 47.5 kt.
Ukraine's share of Interpipe’s pipe sales in 9M21 dropped to 18%, or 4pp less than in 2020. At the same time, the share of sales in the Americas rose 8pp to 19%, the share of CIS countries gained 1pp to 12%, and MENA's share was unchanged at 24%. Europe's share in
81 UKRAINE Country Report November 2021 www.intellinews.com