Page 69 - UKRRptJun20

as of end-2019.
In 2019, the company boosted its installed capacity of green energy sites to 950 MW (from 210 MW) and generated 1.4 GWh of electricity (2.45 GWh on an annualized basis).
The company also complained about increased receivables from guaranteed electricity buyers, whose payment discipline deteriorated since March 2020. As of May 29, the state operator owes €61.3mn to DTEK Renewables (about UAH1.8bn).
9.2.11 ​Metallurgy & mining corporate news
● Metinvest
Steel production at Ukraine’s largest producer​ ​Metinvest​ was 15.6 kt per day (or 469 kt per month) in April, a 32.6% m/m loss​, according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine. Ilyich Steel reported a 35.7% m/m drop in steel production to 7.8 kt per day, while Azovstal’s output retreated 29.2% m/m to 7.8 kt per day in April. The holding's hot iron output decreased 23.7% m/m to 18.2 kt per day. In 4M20, Metinvest's steel output was 2.64mmt (21.8 kt per day), or 0.9% less y/y. April’s daily steel production rate at Metinvest was even slightly worse than the 16-20 kt we expected. We expect Metinvest’s May daily steel output to be as depressed as in April because of Ukraine’s export steel price slump that started in late March and is still ongoing. The restart of Metinvest’s Italian rerolling plants in April might boost steel production at Metinvest’s Mariupol plants in May, but these effects will likely be overwhelmed by the plunge in prices.
The attributable production of iron ore concentrate at the subsidiaries of Metinvest​, Ukraine’s largest steel producer, amounted to 3.04 mmt (98.1 kt per day) in March, ​according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine. This is a 1.5% m/m gain on a daily average basis. The holding’s pellet output was 864 kt in March, a 14.6% m/m jump on a daily average basis.​ ​ ​ ​Concentrate production at Inhulets Iron Ore gained 2.2% m/m in March to a daily rate of 35.4 kt. Production at Northern Iron Ore slid 1.0% m/m to 34.6 kt per day. Production at Central Iron Ore increased 6.8% m/m to 13.2 kt per day, whereas output at Southern Iron Ore improved 1.3% m/m to 32.5 kt per day.​ ​ ​ I​ n 1Q20, Metinvest’s attributable output of iron ore concentrate rose 5.2% yoy to 8.72 mmt, or 95.8 kt per day.
Ukraine’s largest steelmaker​ ​Metinvest​ reported on May 4 a 30% qoq jump in steel production ​at its subsidiaries to 2.17 mmt in 1Q20. Azovstal’s output gained 19% qoq to 1,119 kt in 1Q20, while Ilyich Steel’s output skyrocketed 43% qoq in 1Q20 to 1,051 kt, according to the holding’s quarterly operational update. Year-on-year, Metinvest's 1Q20 crude steel output advanced 12% due to a 15% y/y jump at Azovstal that was partially offset by a 3% y/y drop at Ilyich Steel. The holding’s hot iron output in 1Q20, 2.09 mmt, rose 11% qoq and was up 7% y/y. The 1Q20 output of semi-finished products at Metinvest dropped 30% qoq to 637 kt as its merchant pig iron output plunged 74% qoq to 108 kt and its slab output inched up 7% qoq to 529 kt. The holding’s finished product output advanced 38% qoq in 1Q20 to 1.567 mmt due to a qoq doubling in hot-rolled coils (HRC) output to 342 kt and a
69​ UKRAINE Country Report​ June 2020 ​ ​www.intellinews.com