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debt decreased $75mn m/m to $2,470mn.​ ​Metinvest’s metallurgical segment EBITDA (including JVs) rose to positive $57mn in July from negative $30mn in June, while its mining segment EBITDA skyrocketed 2.4x m/m to $154mn. Excluding JVs, Metinvest’s metallurgical segment EBITDA advanced to positive $62mn in July from negative $24mn in June, while its mining segment EBITDA soared 3.7x m/m to $119mn.​ ​The ratio of Metinvest’s net debt to its last-12-month (LTM) EBITDA (excluding JVs) dropped to 2.58x at the end of July, down from 2.82x a month ago.​ ​In 7M20, Metinvest’s revenue dropped 13.1% y/y to $5,878mn, while its EBITDA including JVs slid 11.2% to $919mn and EBITDA excluding JVs lost 10.0% y/y to $788mn.​ ​Iron and steel product prices rebounded in July, gaining 1% for pig iron, 2% for slabs, 7% for billets, 2% for flat products and 5% for long products. Its iron ore concentrate price jumped 16% m/m in July, while the pellet price gained 3% m/m.
Metinvest​ iron ore concentrate output rises 6% in 9M20.​ ​The attributable production of iron ore concentrate at the subsidiaries of Metinvest, Ukraine’s largest steel producer, amounted to 2.84 mmt (94.8 kt per day) in September, according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine. This is a 5.2% m/m loss on a daily average basis. The holding’s pellet output was 627 kt in September, a 14.4% m/m drop on a daily average basis.​ ​Concentrate production at Inhulets Iron Ore dropped 6.1% m/m in September to a daily rate of 32.1 kt. Production at Northern Iron Ore lost 6.2% m/m to 32.7 kt per day. Production at Central Iron Ore retreated 3.3% m/m to 13.3 kt per day, whereas output at Southern Iron Ore fell 2.8% m/m to 36.4 kt per day.​ ​In 9M20, Metinvest’s attributable output of iron ore concentrate rose 5.7% y/y to 26.46 mmt, or 96.6 kt per day.
Metinvest​ steel output drops 6% m/m in September.​ ​Steel production at Ukraine’s largest producer Metinvest was 23.7 kt per day (or 710 kt per month) in September, a 5.9% m/m decrease, according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine. Ilyich Steel reported a 3.3% m/m gain in steel production to 12.3 kt per day, while Azovstal’s output retreated 14.3% m/m to 11.3 kt per day in September. The holding's hot iron output dropped 7.2% m/m to 24.1 kt per day. In 9M20, Metinvest's steel output was 6.16 mmt (22.5 kt per day), or 4.4% more y/y. Azovstal shut down its oxygen converter No. 2 in mid-September, with the 45-day planned repairs to last until at least end-October, according to an October 5 report by Interfax-Ukraine.
● Interpipe
Interpipe​ disciplined by antimonopoly committee for wheel tenders. Ukraine’s largest pipe and railway wheel producer Interpipe was fined UAH69.3mn ($2.4mn) by the Antimonopoly Committee of Ukraine (AMCU), according to the company’s October 29 press release. The AMCU’s reason for its decision, as cited by Interpipe, was the company’s abuse of its monopoly position at Ukraine’s market for railway wheels.​ ​Interpipe fiercely disagrees with the AMCU’s conclusions and plans to challenge its decision in the courts, its release said. Such complaints are filed with the AMCU by Interpipe’s unscrupulous competitors in order to discredit the domestic producer and to secure supplies of Russian products to Ukraine, according to the release.​ ​The AMCU found four limited liability companies (Interpipe Ukraine, Retek, Transport Investments, and Intervtorprom Firm) guilty of distorting tender results, according to the AMCU’s decision published on its website on October 29. As a result, the AMCU fined these companies more than UAH70mn collectively and barred them from participating in public procurements for three
70​ UKRAINE Country Report​ November 2020 ​ ​www.intellinews.com