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Assurance Export, according to Metinvest. The amount of the ECA financing was not specified by Metinvest.
● Interpipe
Pipe production at Ukraine’s largest producer Interpipe (INPIP) was 2.24 kt per day (or 69.5 kt per month) in May, a 9.6% m/m drop, according to Concorde Capital’s analysis of a June 13 news report by Interfax-Ukraine. Interpipe Niko Tube output dropped 7.7% m/m to 1.21 kt per day in May. Interpipe NTRP pipe production lost 13.9% m/m to 0.78 kt per day. Interpipe NMPP output slid 4.4% m/m to 0.26 kt per day. In 5M19, Interpipe’s pipe production was 338.4 kt (2.24 kt per day), or 7.3% more yoy.
Interpipe JV with Vallourec reaches full capacity load. Vallourec Niko Tube, a joint venture between Ukraine’s largest pipe producer Interpipe (INPIP) and Vallourec (VK FP), reached its full design capacity load, according to a June 18 news report by Interfax-Ukraine that cited Interpipe’s press release. The capacity amounts to 170 kt of seamless pipes per year, according to Interpipe’s CFO, Denis Morozov, who spoke at a public presentation and press conference on June 18, as reported by Interfax-Ukraine. The JV was launched in 2H18 and comprises two finishing lines that process pipes produced at Interpipe Niko Tube and Interpipe NTRP. The JV’s products (comprising line pipes, general purpose pipes and pipes for machine building, but excluding pipes for hydrocarbon extraction) will be sold in Europe under Vallourec’s brand. Interpipe will benefit from the JV via increased production volumes, improving quality, technical expertise, and strengthening its positions at European markets, the company's press release said.
● Ferroexport
Ferrexpo appoints independent director, expects EBITDA jump in 1H19.
Ukraine’s largest iron ore pellet exporter Ferrexpo (FXPO LN) will appoint on June 10 Graeme Dacomb as an independent non-executive director chairing the Audit Committee, the company announced on June 7 in a press release together with a statement for the AGM conducted the same day. Dacomb was a partner at EY for 26 years and was a member of the Financial Reporting Review Panel from 2011 to 2018. Dacomb will oversee the appointing of a new auditor, which is currently in process, Ferrexpo said. Ferrexpo said it expects its EBITDA to increase materially y/y in 1H19, driven by higher prices and volumes. The company said its C1 cost of production rose less than expected due to a fall in oil and gas prices.
Ferrexpo shareholders elect all directors at AGM Ukraine’s largest iron ore pellet exporter Ferrexpo (FXPO LN) conducted its AGM on June 7 re-electing and electing all directors as proposed. In particular, Vitalii Lisovenko, an independent director, was re-elected with 93.85% of all votes, including 83.92% among independent (excluding controlling) shareholders. Among non- independent directors, Stephen Lucas was re-elected with 91.69% of all votes, Kostyantyn Zhevago – with 93.7%, Christopher Mawe – with 94.77%. Lucio Genovese was elected with 97.37%. Most of independent shareholders (83.88% according to our calculations) voted against the agenda's Resolution 1 to receive the 2018 report and accounts, which, however, was passed among the total number of shareholders, including controlling (66.69%). Ferrexpo said in its June 7 statement that it notes the vote on Resolution 1 with
72 UKRAINE Country Report July 2019 www.intellinews.com