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PJSC Magnitogorsk Iron and Steel Works: MMK Group Trading Update for Q3 and 9M 2019

DJ PJSC Magnitogorsk Iron and Steel Works: MMK Group Trading Update for Q3 and 9M 2019

PJSC Magnitogorsk Iron and Steel Works (MMK) 
PJSC Magnitogorsk Iron and Steel Works: MMK Group Trading Update for Q3 and 
9M 2019 
 
15-Oct-2019 / 10:06 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
MMK Group Trading Update for Q3 and 9M 2019 
 
??? Group: Consolidated results 
 
(thousand tonnes) 
 
                   Q3 2019 Q2 2019      % 9M 2019 9M 2018      % 
Finished products    2,897   2,856   1.4%   8,535   8,728  -2.2% 
sales, including: 
Long products          340     366  -7.1%   1,039   1,034   0.6% 
Flat hot-rolled      1,139   1,064   7.0%   3,314   3,617  -8.4% 
products 
Thick plate (mill      251     281 -10.8%     824     595  38.5% 
5000) 
Flat cold-rolled       247     241   2.5%     746     917 -18.7% 
products 
Downstream             920     904   1.8%   2,611   2,565   1.8% 
products, 
including: 
Tin plate               36      43 -17.0%     111     100  10.8% 
Galvanised steel       489     484   1.0%   1,387   1,294   7.2% 
Polymer-coated         184     176   4.4%     516     532  -2.9% 
steel 
Band                    27      29  -6.9%      87     109 -20.9% 
Formed section          49      38  27.4%     128     125   2.4% 
Pipes                   18      11  69.6%      41      48 -14.7% 
Metalware              100     106  -5.7%     299     301  -0.7% 
Other metal             17      16   5.1%      43      57 -24.2% 
products 
HVA products         1,418   1,426  -0,6%   4,181   4,077   2.6% 
Share of HVA         48.9%   49.9%          49.0%   46.7% 
products 
Coal concentrate       629     487  29.2%   1,893   2,220 -14.8% 
production 
Iron ore               646     729 -11.4%   2,091   2,370 -11.8% 
production 
 
Q3 2019 highlights vs. Q2 2019 
 
? MMK Group's total sales of finished products in Q3 2019 totalled 2,897 
thousand tonnes, up 1.4% quarter-on-quarter (q-o-q). 
 
? MMK Group's sales of HVA products in Q3 2019 totalled 1,418 thousand 
tonnes, slightly down 0.6% q-o-q. The share of HVA products in total sales 
amounted to 48.9%. 
 
? MMK Coal's coal concentrate production in Q3 2019 totalled 629 thousand 
tonnes, up 29.2% q-o-q. 
 
9M 2019 highlights vs. 9M 2018 
 
? MMK Group's total sales of finished products in 9M 2019 totalled 8,535 
thousand tonnes, down 2.2% year-on-year (y-o-y). 
 
? MMK Group's sales of HVA products in 9M 2019 totalled 4,181 thousand 
tonnes, up 2.6% y-o-y. The share of HVA products in total sales increased 
to 49.0%. 
 
? MMK Coal's coal concentrate production in 9M 2019 totalled 1,893 
thousand tonnes, down 14.8% y-o-y. 
 
MMK Group highlights by key segments 
 
PSJC MMK 
 
(thousand tonnes) 
 
                   Q3 2019 Q2 2019      % 9M 2019 9M 2018      % 
Pig iron             2,560   2,452   4.4%   7,409   7,301   1.5% 
Crude steel          3,194   3,091   3.3%   9,392   9,552  -1.7% 
Finished products,   2,787   2,730   2.1%   8,248   8,599  -4.1% 
including: 
Long products          470     452   4.1%   1,379   1,372   0.5% 
Flat hot-rolled      1,207   1,166   3.5%   3,554   3,920  -9.3% 
products 
HVA products,        1,109   1,112  -0.2%   3,316   3,306   0.3% 
including: 
Thick plate (mill      256     287 -10.9%     810     616  31.6% 
5000) 
Flat cold-rolled       322     294   9.5%     936   1,079 -13.3% 
products 
Downstream             531     530   0.1%   1,569   1,611  -2.6% 
products, 
including: 
Tin plate               35      42 -16.5%     111      99  11.3% 
Galvanised steel       327     338  -3.2%     976     954   2.4% 
Polymer-coated          77      70  10.2%     228     266 -14.3% 
steel 
Band                    26      28  -7.3%      82     111 -26.5% 
Formed section          40      42  -5.8%     122     126  -3.4% 
Pipes                   26      11   149%      51      55  -7.4% 
Shipments by 
market: 
Russia + CIS         2,541   2,444   4.0%   7,427   6,842   8.6% 
Export                 246     286 -13.9%     821   1,756 -53.2% 
 
(USD / tonne) 
 
                    Q3 2019 Q2 2019     % 9M 2019 9M 2018      % 
Average price per       616     625 -1.5%     607     637  -4.7% 
tonne: 
Long products           493     510 -3.2%     494     553 -10.7% 
Flat hot-rolled         551     551    0%     536     573  -6.5% 
products 
HVA products,           740     750 -1.3%     729     747  -2.4% 
including: 
Thick plate (mill       752     747  0.6%     737     779  -5.4% 
5000) 
Flat cold-rolled        631     629  0.3%     613     626  -2.1% 
products 
Downstream              800     818 -2.3%     794     815  -2.6% 
products, 
including: 
Tin plate               840     817  2.8%     811     812  -0.1% 
Galvanised steel        777     802 -3.1%     774     793  -2.4% 
Polymer-coated          961     981 -2.1%     951     991  -4.0% 
steel 
Band                    703     689  2.0%     681     671   1.5% 
Formed section          841     827  1.7%     816     817  -0.1% 
Pipes                   583     594 -1.8%     573     639 -10.3% 
 
? Pig iron output in Q3 2019 increased by 4.4% q-o-q. This was due to the 
completion of the scheduled overhaul of the blast furnace No.7 and higher 
productivity. 
 
? At the same time, the volume of steel output in Q3 2019 grew at a slower 
pace, which allowed the company to decrease the share of metal scrap in 
burden. 
 
? The volume of shipments in Q3 2019 grew 2.1% q-o-q and amounted to 2,787 
thousand tonnes. This growth was mainly due to the continued high demand 
in the company's key sales markets and a decrease in the finished product 
stock in the warehouses. 
 
? Strong demand on the domestic market allowed the company to increase its 
domestic shipments by 4.0% q-o-q to 2,541 thousand tonnes. As a result, 
the share of shipments to the domestic market increased to 91%. 
 
? The volume of shipments of long products in Q3 2019 grew by 4.1% q-o-q 
and amounted to 470 thousand tonnes. This growth was due to seasonally 
strong demand for construction products on the domestic market, which 
allowed the company to maintain the capacity utilisation rate of long 
products equipment at close to 100% level. 
 
? The volume of shipments of hot-rolled products for Q3 2019 grew by 3.5% 
q-o-q and amounted to 1,207 thousand tonnes, which was due to the 
completion of the reconstruction of Mill 2500 in Q2 2019 under the current 
investment programme. The decline in output in 9M 2019 compared to 9M 2018 
was due to the reconstruction of Mill 2500. 
 
? The volume of shipments of HVA products for Q3 2019 were flat q-o-q and 
amounted to 1,109 thousand tonnes. Sustainable shipment volumes were due 
to high capacity utilisation rates of equipment, producing downstream 
products. 
 
? The increase in the volume of shipments of cold-rolled products for Q3 
2019 by 9.5% q-o-q was mainly due to the completion of equipment 
maintenance in Q2 2019 and continued high demand on the domestic market. 
 
? In Q3 2019, the shipment volume of Mill 5000 products decreased by 10.9% 
q-o-q and amounted to 256 thousand tonnes amid 100% capacity utilisation 
rate. This decrease was due to the equipment overhaul in Q3 2019. 
 
? In 9M 2019, the volume of shipments of Mill 5000 thick plate increased 
by 31.6% y-o-y and amounted to 810 thousand tonnes due to strong demand 
for large diameter pipes from the oil and gas industry. 
 
? In Q3 2019, shipments of galvanised steel decreased by 3.2% q-o-q and 
amounted to 327 thousand tonnes. This decrease was due to a more complex 
sales mix and the increase in sales of polymer-coated steel by 10.2% 
q-o-q. 
 
? In 9M 2019, shipments of galvanised steel grew by 22 thousand tonnes, or 
2.4% y-o-y, due to high demand from the automotive and construction 
industries on the domestic market, as well as a decrease in semi-finished 
rolled products for polymer coated steel, since galvanised steel delivered 
higher margins. 
 
? In 9M 2019, shipments of polymer-coated steel declined by 14.3% y-o-y to 
228 thousand tonnes mainly due to higher volumes of galvanised steel. 
 
? The average selling price, expressed in US dollars, for Q3 2019 
decreased by 1.5% q-o-q and amounted to USD 616 per tonne. This decrease 
was due to a significant correction in global steel prices. 
 
MMK - Lysvensky Metallurgical Plant 
 
(thousand tonnes) 
 
                   Q3 2019 Q2 2019      % 9M 2019 9M 2018      % 
Finished products,      66      74 -11.0%     201     194   3.5% 
including: 
Galvanised steel        21       3 534.5%      26       4 516.9% 
Galvanised steel        39      68 -42.4%     163     178  -8.6% 
with polymer 
coating 
Galvanised steel         6       3 113.5%      12      11   5.9% 
with decorative 
coating (SteelArt) 
 
? Finished products output decreased q-o-q in Q3 2019 as a result of the 
increase in sales (up 12% q-o-q), including of the stocks of finished 
products from the warehouses. 
 
? Output growth in 9M 2019 compared to 9M 2018 was due to the 
implementation of a programme to promote construction products, including 
SteelArt. 
 
Steel segment (Turkey) 
 
(thousand tonnes) 
 
                   Q3 2019 Q2 2019      % 9M 2019 9M 2018      % 
??? Metalurji          188     197  -4.3%     561     565  -0.7% 
finished products, 
including: 
Flat hot-rolled          2       8 -68.3%      18      40 -56.0% 
products 
HVA products,          186     189  -1.6%     543     525   3.5% 
including: 
Galvanised steel       146     160  -8.8%     435     410   6.2% 
Polymer-coated          40      29  38.1%     108     116  -6.1% 
steel 
??? Metalurji           82      58  41.1%     298     430 -30.7% 
finished products 
from ??? steel 
 
? Sales of finished products for Q3 2019 amounted to 188 thousand tonnes, 
down 4.3% q-o-q, mainly due to lower sales of hot-rolled steel. 
 
? Despite the challenging economic situation in Turkey, the volume of 
sales of commercial products for 9M 2019 was flat y-o-y. The company was 
able to maintain the sales volume due to higher sales of HVA products and 
the reorientation of sales towards export. 
 
? The continued challenging economic situation and external headwinds, 
along with a sharp acceleration of price drops at the end of the quarter, 
continue to negatively affect the demand for finished products and prices 
on both local and foreign markets. 
 
MMK Coal 
 
(thousand tonnes) 
 
                  Q3 2019 Q2 2019       % 9M 2019 9M 2018      % 
Coking coal         1,092     978   11.6%   3,533   3,699  -4.5% 
mining 
Coking coal         1,091     916   19.1%   3,429   4,188 -18.1% 
processing 
Mined                 983     786   25.0%   3,171   3,600 -11.9% 
Purchased             109     116   -6.2%     244     571 -57.3% 
Toll                           14 -100.0%      14      17 -17.6% 
Coking coal           629     487   29.2%   1,893   2,220 -14.8% 
concentrate 
 
? The volume of coking coal production in Q3 2019 increased by 11.6% q-o-q 
and amounted to 1,092 thousand tonnes, as there were no maintenance works 
during the quarter. 
 
? The increase in coal concentrate production by 29.2% q-o-q in Q3 2019 
was due to measures aimed at productivity growth and the process of 
ramping up the beneficiation plant to its design capacity following the 
reconstruction. 
 
? The volume of coking coal production in 9M 2019 decreased by 4.5% y-o-y 
to 3,533 thousand tonnes due to mine face operations in the area of mining 
and geological breaches and the beneficiation plant reconstruction. 
 
? The decrease in coal concentrate production by 14.8% q-o-q in 9M 2019 
was due to maintenance works and equipment adjustment at the beneficiation 
plant. It is expected that the plant will reach its full design capacity 
in Q4 2019. 
 
            Outlook 
 
 The Company's management expects that the seasonally weak business activity 
      coupled with a significant correction in global prices will affect MMK 
            Group's performance in Q4 2019. 
 
      The impact of these negative factors should be partly offset by higher 
         operational efficiency and high capacity utilisation of high-margin 
            production units. 
 
     MMK is one of the world's largest steel producers and a leading Russian 
    metals company. The company's operations in Russia span the entire value 
chain from iron ore processing to downstream production of rolled steel. MMK 
   produces an extensive range of steel products with a predominant share of 
high-value-added products. In 2018, the company produced 12.7 million tonnes 
    of crude steel and 11.7 million tonnes of commercial steel products. MMK 
        Group had sales in 2018 of USD 8,214 million and EBITDA of USD 2,418 
            million. 
 
Contacts 
 
Investor Relations Department: 
 
+7 3519 25-24-48 
 
ir@mmk.ru 
 
Communications Department: 
 
Dmitry Kuchumov Dmitry Bulin 
 
+7 499 238-26-13 +7 499 238-26-13 
 
kuchumov.do@mmk.ru bulin.dn@mmk.ru 
 
ISIN:          US5591892048 
Category Code: TST 
TIDM:          MMK 
LEI Code:      253400XSJ4C01YMCXG44 
Sequence No.:  23438 
EQS News ID:   890175 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

October 15, 2019 04:07 ET (08:07 GMT)

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