Page 66 - UKRRptFeb20

Ore slid 0.7% m/m to 12.6 tonnes per day, whereas output at Southern Iron Ore lost 1.6% m/m to 31.1 kt per day. In 2019, Metinvest’s attributable output of iron ore concentrate rose 5.5% year-on-year to 33.36mn tonnes, or 91.4 tonnes per day.
Steel production at Ukraine’s largest producer​ ​Metinvest​ was 16.8 kt per day ​(or 505 kt per month) in November, a 10.9% m/m loss, according to Concorde Capital’s analysis of separate news reports by Interfax-Ukraine. That result includes Azovstal (AZST UK) and Ilyich Steel (MMKI UK) figures. Ilyich Steel reported an 11.4% m/m drop in steel production to 7.0 kt per day, while Azovstal’s output lost 10.6% m/m to 9.8 kt per day in November. The holding's hot iron output slid 6.3% m/m to 19.4 kt per day. In 11M19, Metinvest's steel output was 7.00 mmt, or 5.1% more y/y.
Steel production at Ukraine’s largest producer ​Metinvest​ drop by 10.9% month-on-month to 16.8 tonnes per day (or 505 tonnes per month) in November​, according to calculations published by Kyiv-based brokerage Concorde Capital on December 9. The result includes Azovstal and Ilyich Steel figures. Ilyich Steel reported an 11.4% m/m drop in steel production to 7 tonnes per day, while Azovstal’s output lost 10.6% m/m to 9.8 tonnes per day in November. The holding's hot iron output slid 6.3% m/m to 19.4 tonnes per day. In January-November, Metinvest's steel output was 7mn tonnes, or 5.1% more year-on-year.
● Ferrexpo
A Ukrainian court has placed a restriction on a 50.3% stake in the shares of​ ​Ferrexpo​ Poltava Mining ​(FPM), the main production asset of Ferrexpo (FXPO LN), the company said in a January 31 statement. Ferrexpo AG has appealed this court order, the company said, adding that its board believes that the appeal should be successful given the advice received that the order has no proper or reasonable basis under Ukrainian law.​ ​The restriction was imposed by Kyiv’s Pechersk district court, according to the Interfax-Ukraine news agency, which cited Ferrexpo’s press service.​ ​The restriction does not affect ownership of the shares but prohibits their transfer, Ferrexpo said. The company believes this restriction is temporary and is in connection with ongoing matters in Ukraine involving Kostyantyn Zhevago, its majority owner and former CEO, and one of the businesses he owned until 2015 (Finance and Credit (or F&C) Bank), according to the release.
Ferrexpo said that its operations remain unaffected and continue as normal.​ ​As of September 30, 2019, Ferrexpo AG owned 100% of FPM’s shares, according to FPM’s disclosures published by Ukraine’s securities and stock market commission.​ ​At the time the 1H19 financial statements were published (August 2019), Zhevago held indirectly 50.3% in Ferrexpo plc (through The Minco Trust, of, which Zhevago is a beneficiary, and further through a Luxembourg company, Fevamotinico), which owns Ferrexpo AG, according to Ferrexpo’s 1H19 interim report.
66​ UKRAINE Country Report​ February 2020 ​ ​www.intellinews.com