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m/m to $218mn in September, while its mining segment’s EBITDA plummeted 38.8% m/m to $237mn.
The ratio of Metinvest’s net debt to its LTM EBITDA (excluding JVs) was unchanged m/m at 0.04x at the end of September.
Metinvest’s iron and steel product prices mostly accelerated their m/m drops in September, losing 17% for pig iron, 9% for slabs, 5% for flat products and 1% for long products, but adding 8% for billets. Its iron ore concentrate price dived 38% m/m in September, while the pellet price plunged 31% m/m.
Metinvest wins court hearing on Dniprovskyy Steel assets purchase Dniprovskyy Steel won a court hearing related to its sale of its assets to Metinvest’s subsidiary Dniprovskyy Coke, according to the court decision published on Dec. 16. The claim by Indumet S.A. (Luxembourg) against Dniprovskyy Steel was denied in full by Dnipropetrovsk Region Economic Court on Dec. 9. Recall, Indumet sued Dniprovskyy Steel, demanding that the results of the sale of its assets to Dniprovskyy Coke at an auction in July, conducted as a part of its bankruptcy and financial recovery process, be declared void. Dniprovskyy Coke joined the court hearing on the side of Dniprovskyy Steel (which is not a part of Metinvest). The court found that Indumet’s demands must be denied because the company was not a participant of the July auction and is not a recognized creditor or a party in any role in Dniprovskyy Steel’s bankruptcy case. Therefore, the auction’s results do not in any way influence Indumet’s rights, the court concluded. Indumet has until around January 3 to appeal the decision.
● Interpipe
Interpipe OCTG pipe sales surged 2.1x in 11M21. Railway product sales volume at Ukraine’s largest pipe and railway wheel producer Interpipe (INTHOL) was 14.0 kt in November, a 3.1% m/m decrease, according to the company’s monthly operational report released on Dec. 20. Pipe sales skyrocketed 61.1% m/m to 64.0 kt, while external billet sales added 28.1% m/m to 1.4 kt.
The m/m increase in pipe sales in November was driven by jumps for OCTG pipes to 20.7 kt (2.6x m/m) and line pipes to 35.0 kt (+55.7% m/m). The OCTG pipe sales jump was almost entirely due to the US market, while the increase in line pipe sales was due to larger deliveries to Europe, the US and Middle East, the report said. However, welded pipe sales slid 14.9% m/m to 6.1 kt due to subdued demand in Europe and Ukraine.
The m/m drop in railway product sales was driven by lower sales to the CIS and Europe.
During 11M21, Interpipe’s pipe sales added 22.8% yoy to 522.9 kt, driven by a 110.6% yoy surge for OCTG pipes to 155.7 kt. Line pipe sales added 12.5% yoy to 292.4 kt, while sales of mechanical pipes advanced 36.1% yoy to 22.3 kt. However, welded pipe sales plunged 30.5% yoy to 52.4 kt in 11M21.
Railway product sales dropped 10.6% yoy to 156.9 kt in 11M21, driven
80 UKRAINE Country Report January 2022 www.intellinews.com