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Ilyich Steel, as well as due to scheduled major overhauls at its European rerolling plants, Metinvest noted in its release.
Metinvest, Ukraine’s largest steelmaker, has prepaid $75mn of its pre-export finance (PXF) facility ahead of schedule, the holding said in an Oct. 31 release. Following this prepayment, the remainder due under the PXF facility is $406mn, Metinvest said. According to Metinvest’s 1H19 presentation, as of June 30 the amount due under the PXF facility was $527mn, we calculate, with $77mn payable in 2H19.
Metinvest iron ore concentrate output rises 5.8% in 10M19. T he attributable production of iron ore concentrate at the subsidiaries of Metinvest , Ukraine’s largest steel producer, amounted to 2.78 mmt (89.8 kt per day) in October, according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine. This is a 1.1% m/m gain on a daily average basis. The holding’s pellet output was 585 kt in October, a 10.3% m/m drop on a daily average basis. Concentrate production at Inhulets Iron Ore lost 10.4% m/m in October to a daily rate of 27.4 kt. Production at Northern Iron Ore rose 12.2% m/m to 34.5 kt per day. Production at Central Iron Ore slid 0.7% m/m to 12.9 kt per day, whereas output at Southern Iron Ore increased 3.3% m/m to 32.6 kt per day.
Moody's announced on November 26 it has upgraded its outlook on the corporate family ratings of Ukraine's largest steelmaker Metinvest to Positive from Stable, adding that it affirmed its rating of Metinvest at B3. The main rationale for the outlook upgrade was the change of the agency’s outlook on Ukraine’s rating to Positive from Stable on November 22. Moody’s upgraded Metinvest’s rating to B3, one notch above Ukraine’s sovereign, on December 27, 2018. Metinvest’s two other long-term credit ratings are: from Fitch, BB-/Stable, two notches above Ukraine’s sovereign; and from S&P, B/Stable, one notch above Ukraine’s sovereign. Both ratings were raised on September 17.
Metinvest affiliate Pokrovske Coal output jumps 25% in 10M19.
Private joint stock company Pokrovske Coal produced 14.1 kt of raw coking coal per day in October, a 16.8% m/m plunge, according to Concorde Capital’s analysis of Energy Ministry data. In 10M19, Pokrovske Coal produced 4.10 mmt of coal, a 25.1% y/y jump. Recall, Pokrovske Coal said in its 2018 annual report that it plans to boost coal production 42% y/y to 5.63 mmt in 2019. Metinvest (METINV), Ukraine's largest steelmaker, owns 25% in Pokrovske Coal assets.
● Interpipe
Interpipe NTRP plant EBITDA jumps 86% in 9M19. Interpipe NTRP, a subsidiary of Ukraine’s largest pipe and railway wheel producer Interpipe (INTHOL), boosted its EBITDA 86% y/y to $111.4mn in 9M19, according to the company’s quarterly financial report published on October 31. The plant’s revenue improved 7% y/y to $417.7mn in 9M19. The sale price for railcar wheels jumped to 1,788 $/t in 9M19, which is 48% higher than the average price for 2018, according to Concorde Capital's analysis of Interpipe NTRP financial data.
Interpipe hosts inaugural conference call on 1H19 results Ukraine’s largest
73 UKRAINE Country Report December 201 www.intellinews.com
