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PAO Severstal: Severstal reports Q3 2019 operational results

PAO Severstal (SVST) 
Severstal reports Q3 2019 operational results 
 
11-Oct-2019 / 09:00 MSK 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
      Severstal reports Q3 2019 operational results 
 
     Moscow, Russia - 11 October 2019 - PAO Severstal (MICEX-RTS: CHMF; LSE: 
         SVST), one of the world's leading vertically integrated steel and 
 steel-related mining companies, today announces its operational results for 
            Q3 2019. 
 
            Q3 2019 GROUP HIGHLIGHTS 
 
  · Hot metal output increased 7% q/q in Q3 2019 to 2.46 mln tonnes (Q2 
  2019: 2.30 mln tonnes) following short-term maintenance works at BF#1, 
  BF#4 and BF#5 in the previous quarter. Crude steel production declined 1% 
  to 3.03 mln tonnes (Q2 2019: 3.06 mln tonnes) mainly reflecting a decline 
  in EAF steel output following the sale of Balakovo mini-mill in July 2019. 
 
  · Consolidated steel product sales remained flat q/q at 2.83 mln tonnes in 
  Q3 2019 (Q2 2019: 2.83 mln tonnes). The share of domestic sales remained 
  at historically high levels of 67% due to their continued attractiveness 
  (Q2 2019: 70%). 
 
  · The share of high value-added (HVA) products within the sales portfolio 
  amounted to 45% (Q2 2019: 46%), reflecting a decline in sales of 
  galvanised, colour-coated and cold-rolled products due to short-term 
  maintenance works at one of the pickling lines. This was offset by higher 
  sales volumes of thick plate and lower sales of long products. 
 
  · Coking coal concentrate sales volumes from Vorkutaugol surged 41% q/q in 
  line with the 42% increase q/q in production of run-of-mine coal. 
 
  · Iron ore pellet sales declined 15% to 2.46 mln tonnes (Q2 2019: 2.90 mln 
  tonnes) reflecting higher production of iron ore concentrate at Karelsky 
  Okatysh. 
 
  · Iron ore concentrate sales volumes increased 35% to 1.93 mln tonnes (Q2 
  2019: 1.43 mln tonnes) driven by production volumes growth at Karelsky 
  Okatysh. 
 
            9M 2019 GROUP HIGHLIGHTS 
 
  · Hot metal output increased 3% y/y to 7.13 mln tonnes in 9M 2019 (9M 
  2018: 6.91 mln tonnes) driven by improved maintenance works efficiency and 
  higher quality of raw materials. Crude steel production remained almost 
  flat at 9.13 mln tonnes (9M 2018: 9.10 mln tonnes), predominantly 
  reflecting higher aggregate productivity levels, which were offset by 
  lower EAF production in Q3 following the sale of Balakovo mini-mill. 
 
  · Coking coal concentrate sales volumes from Vorkutaugol increased 43% 
  y/y, driven by growth in coal production. Iron ore concentrate sales 
  volumes increased 14% y/y to 4.66 mln tonnes (9M 2018: 4.08 mln tonnes) 
  predominantly reflecting production volumes growth at Karelsky Okatysh. 
 
  · The share of HVA products remained high at 45% in 9M 2019, primarily 
  reflecting higher sales of galvanised and colour-coated products following 
  the launch of new product lines, which reached their full utilisation 
  rates in Q1 2019. 
 
      SUMMARY OF KEY PRODUCTION, SALES VOLUMES 
 
Production,  Q3 2019 Q2 2019 Change, % 9M 2019 9M 2018 Change, % 
thousands of 
tonnes 
Crude Steel   3,032   3,057    (1%)     9,133   9,098     0% 
(Russian 
Steel) 
Hot metal     2,458   2,304     7%      7,125   6,913     3% 
(Russian 
Steel) 
 
Sales        Q3 2019 Q2 2019 Change, % 9M 2019 9M 2018 Change, % 
volumes, 
thousands of 
tonnes 
Coking coal   1,351    958      41%     3,340   2,331     43% 
concentrate 
Iron ore      2,461   2,899    (15%)    8,192   8,054     2% 
pellets 
Iron ore      1,931   1,428     35%     4,660   4,080     14% 
concentrate 
Total steel   2,834   2,837     0%      8,503   8,420     1% 
products 
(Consolidate 
d) 
Total steel   2,847   2,848     0%      8,538   8,453     1% 
products 
(Russian 
Steel) 
 
High value   Q3 2019 Q2 2019 Change, % 9M 2019 9M 2018 Change, % 
added steel 
products, % 
Severstal      45%     46%   (1 ppts)    45%     46%   (1 ppts) 
(Consolidate 
d) 
Severstal      45%     46%   (1 ppts)    45%     46%   (1 ppts) 
Russian 
Steel 
 
      SEVERSTAL'S CONSOLIDATED SALES (NET OF INTERCOMPANY SALES) 
 
Sales volumes,  Q3 2019   Q2   Change, % 9M 2019  9M   Change, 
thousands of             2019                    2018     % 
tonnes 
Coal:             330    388     (15%)    1,250  1,127   11% 
Coking coal       66     108     (39%)     331    190    74% 
concentrate 
Steam coal        264    280     (6%)      919    937    (2%) 
Iron ore:        1,443  1,686    (14%)    4,785  5,277   (9%) 
Iron ore         1,380  1,488    (7%)     4,170  4,707  (11%) 
pellets 
Iron ore          63     198     (68%)     615    570     8% 
concentrate 
Semi-finished     89      69      29%      279    538   (48%) 
products 
Rolled           2,292  2,313    (1%)     6,916  6,533    6% 
products: 
Hot - rolled     1,168  1,040     12%     3,310  2,878   15% 
coil 
Hot - rolled      244    225      8%       702    642     9% 
plate 
Cold - rolled     226    242     (7%)      743    990   (25%) 
coil 
Galvanised and    238    254     (6%)      729    627    16% 
metallic coated 
coil 
Colour coated     122    141     (13%)     365    294    24% 
coil 
Long products     294    411     (28%)    1,067  1,102   (3%) 
Downstream        453    455      0%      1,308  1,349   (3%) 
products: 
Metalware         147    140      5%       413    424    (3%) 
products 
Large diameter    100    106     (6%)      303    333    (9%) 
pipes 
Other tubes,      206    209     (1%)      592    592     0% 
pipes, formed 
shapes 
 
      SEVERSTAL RESOURCES 
 
· Coking coal concentrate sales volumes from Vorkutaugol surged 41% q/q 
reflecting the 42% increase q/q in production of run-of-mine coal. 
 
· Iron ore pellet sales declined 15% to 2.46 mln tonnes (Q2 2019: 2.90 mln 
tonnes) reflecting higher production of iron ore concentrate at Karelsky 
Okatysh. 
 
· Iron ore concentrate sales volumes increased 35% to 1.93 mln tonnes (Q2 
2019: 1.43 mln tonnes) driven by production volumes growth at Karelsky 
Okatysh. 
 
Sales        Q3 2019 Q2 2019 Change, % 9M 2019 9M 2018 Change, % 
volumes, 
thousands 
tonnes 
Coal:         1,616   1,238     31%     4,260   3,269     30% 
Coking coal   1,351    958      41%     3,340   2,331     43% 
concentrate 
Steam coal     265     280     (5%)      920     938     (2%) 
Iron ore:     4,392   4,327     2%     12,852  12,134     6% 
Iron ore      2,461   2,899    (15%)    8,192   8,054     2% 
pellets 
Iron ore      1,931   1,428     35%     4,660   4,080     14% 
concentrate 
 
      SEVERSTAL RUSSIAN STEEL ('RSD') 
 
· RSD steel product sales remained flat q/q at 2.85 mln tonnes in Q3 2019 
(Q2 2019: 2.85 mln tonnes). 
 
· The share of domestic sales declined 3 ppts, to 67%, but remained at 
historically high levels due to a favourable domestic pricing environment 
(Q2 2019: 70%). 
 
· The share of high value-added (HVA) products within the sales portfolio 
amounted to 45% (Q2 2019: 46%), reflecting a decline in sales of 
galvanised, colour-coated and cold-rolled products due to short-term 
maintenance works at one of the pickling lines. This was offset by higher 
sales volumes of thick plate and lower sales of long products. 
 
· LDP sales volumes declined 6% q/q, reflecting changes in the product 
mix. Izhora Pipe Mill maintained its 100% utilisation rate in Q3 2019. 
 
· The weighted average selling price for the whole range of rolled steel 
products remained almost flat in Q3 2019, reflecting the flexibility of 
Severstal's distribution channels as well as a favourable pricing 
environment in the domestic market. 
 
Sales volumes,  Q3 2019   Q2   Change, % 9M 2019  9M   Change, 
thousands of             2019                    2018     % 
tonnes 
Total steel      2,847  2,848     0%      8,538  8,453    1% 
products 
Semi-finished     89      69      29%      279    538   (48%) 
products 
Rolled           2,305  2,322    (1%)     6,949  6,565    6% 
products: 
Hot - rolled     1,169  1,040     12%     3,311  2,879   15% 
coil 
Hot - rolled      245    225      9%       703    642    10% 
plate 
Cold - rolled     226    242     (7%)      743    990   (25%) 
coil 
Galvanised and    238    254     (6%)      729    627    16% 
metallic coated 
coil 
Colour coated     122    141     (13%)     365    294    24% 
coil 
Long products     305    420     (27%)    1,098  1,133   (3%) 
Downstream        453    457     (1%)     1,310  1,350   (3%) 
products: 
Metalware         148    142      4%       416    425    (2%) 
products 
Large diameter    100    106     (6%)      303    333    (9%) 
pipes 
Other tubes,      205    209     (2%)      591    592     0% 
pipes, formed 
shapes 
 
Sales price,    Q3 2019   Q2   Change, % 9M 2019  9M   Change, 
$/tonne                  2019                    2018     % 
Semi-finished     414    450     (8%)      427    468    (9%) 
products 
Hot - rolled      510    514     (1%)      506    562   (10%) 
coil 
Hot-rolled        683    659      4%       660    716    (8%) 
plate 
Cold - rolled     647    629      3%       621    627    (1%) 
coil 
Galvanised and    733    729      1%       724    761    (5%) 
metallic coated 
coil 
Colour coated     905    918     (1%)      894    943    (5%) 
coil 
Long products     498    484      3%       476    494    (4%) 
Metalware         965    981     (2%)      965    970    (1%) 
products 
Large diameter    945   1,033    (9%)      996   1,116  (11%) 
pipes 
Other tubes,      580    585     (1%)      578    611    (5%) 
pipes, formed 
shapes 
 
Notes: 
 
1) All production data is reported in thousands of tonnes; 
 
2) Sales prices are stated on EXW basis; 
 
3) Segmental data includes intercompany sales; 
 
4) Semi-finished products include pig iron, slabs, billets, ingots, steel 
casting and forgings; 
 
5) Large diameter pipes include all pipes with a diameter between 820 and 
1420 mm. 
 
Contacts 
 
Investor Relations 
 
Evgeny Belov 
 
T: +7 (495) 926-77-66 ext. 6445 
 
evgenii.belov@severstal.com 
 
Public Relations 
 
Anastasia Mishanina 
 
T: +7 (495) 926-77-66 ext. 6457 
 
anastasia.mishanina@severstal.com 
 
Severstal's financial communications agency - Hudson Sandler 
 
Andrew Leach / Emily Dillon 
 
T: +44 (0) 20 7796 4133 
 
*** 
 
 P?? Severstal is one of the world's leading vertically-integrated steel and 
   steel related mining companies, with assets in Russia, Latvia and Poland. 
   Severstal is listed on RTS and MICEX and the company's GDRs are traded on 
  the LSE. Severstal reported revenue of $8,580 million and EBITDA of $3,142 
    million in 2018. Severstal's crude steel production in 2018 reached 12.0 
            million tonnes. www.severstal.com [1] 
 
ISIN:          US8181503025 
Category Code: TST 
TIDM:          SVST 
LEI Code:      213800OKDPTV6K4ONO53 
Sequence No.:  23109 
EQS News ID:   888559 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5885d49ed5e8dc686b77ca6aa78e352b&application_id=888559&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

October 11, 2019 02:01 ET (06:01 GMT)

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