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PJSC Magnitogorsk Iron and Steel Works: MMK Group Trading Update for Q1 2021

DJ PJSC Magnitogorsk Iron and Steel Works: MMK Group Trading Update for Q1 2021

PJSC Magnitogorsk Iron and Steel Works (MMK) 
PJSC Magnitogorsk Iron and Steel Works: MMK Group Trading Update for Q1 2021 
14-Apr-2021 / 08:57 CET/CEST 
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. 
=---------------------------------------------------------------------------------------------------------------------- 
MMK Group trading 
update for Q1 2021 
           PJSC Magnitogorsk Iron & Steel Works ("MMK", or the "Group") (MICEX-RTS: MAGN; LSE: MMK), one of 
           the world's largest steel producers, is pleased to announce its Trading Update for Q1 2021. 
14 april 2021 
Magnitogorsk, Russia 
        - Pig iron output increased by 2.0% quarter-on-quarter (q-o-q) to 2,572 thousand tonnes, driven by 
         the continuing high steel demand. 
 
 
        - Steel output remained broadly flat q-o-q at 3,300 thousand tonnes, reflecting favourable market 
         conditions. 
HIGHLIGHTS 
Q1 2021     - MMK Group's sales of finished products totalled 2,904 thousand tonnes, down 4.6% q-o-q due to the 
         build-up of metal products inventories ahead of the construction season. 
VS Q4 2020 
 
 
        - The Group's sales of premium products fell by 14.1% to 1,154 thousand tonnes due to the restocking 
         ahead of the construction season and a decrease in Steel Turkey segment's sales. 
 
        - MMK Coal's coal concentrate production amounted to 815 thousand tonnes, down 2.6% q-o-q due to 
         convention loading restrictions and preparation of faces for re-mounting. 
 
HIGHLIGHTS 
        - Pig iron output increased by 9.2% q-o-q due to the absence of overhauls in blast furnace operations 
Q1 2021      during the quarter. 
VS Q1 2020 
        - Steel output increased by 9.2% q-o-q, which was due to the absence of overhauls at converter 
         facilities and completion of modernisation of Hot-Rolling Mill 2500. 
 
 
 
        - MMK Group's sales of finished products increased by 5.8% year-on-year (y-o-y) driven by the high 
         utilisation rate of Mill 2500 after the modernisation. 
 
        - Premium products sales dropped by 11.8% y-o-y due to a change in thick plate order mix at Mill 5000 
         and an increase in intragroup sales of cold-rolled products on the back of the reconstruction of 
         reverse Cold-Rolling Mill 1700. 
 
        - Production of coal concentrate remained flat year-on-year at 815 thousand tonnes. 
 
 
       Global steel products market: In Q1 2021, global prices continued to rise due to the undersupply in key 
       regions. By late March, prices for flat products hit their record highs in the USA and the EU since 2008, 
       and in Turkey since 2011. In March, the authorities of the Tangshan municipality, the largest steel 
       production centre in China, presented a plan to reduce production at most local steel plants by the end 
       of 2021. Fears of a decline in metal product supply have given a new impetus to price growth in both the 
       Chinese domestic market and in exports. 
       Russian steel products market: Prices for flat products continued to grow in Q1 2021 fuelled by high 
       global prices for metal products, fluctuations in the rouble exchange rate and higher raw materials 
       prices. There has been a correction in the rebar market, following the growth in late Q4 2020. Closer to 
       the end of Q1 2021, prices for rebars began to recover due to renewed growth in scrap prices and improved 
       demand ahead of the construction season. 
       Global iron ore market: Average values of the 62% Fe iron ore index remained high in Q1 2021 (USD 165 - 
       USD 170 per tonne CFR China). China's consumer demand for iron ore was low since the beginning of the 
       year, with restrictions imposed in Tangshan in March further subduing demand for the raw materials and 
       minimising the risks of physical shortages of iron ore in China in 2021. 
MARKET 
OVERVIEW   Russian iron ore market: In the first quarter, demand for raw materials was quite strong both in the 
       domestic and in key export markets. Since Q4 2020, iron ore exports from Russia to Europe and Turkey have 
       been growing, with the rapid increase in prices in these markets further contributing to soaring prices 
       for Russian consumers. 
       Global coking coal market: The global market remained volatile in the first quarter due to China's 
       ongoing ban on coal imports from Australia. Prices for alternative supplies to China consolidated around 
       USD 200 - USD 220 per tonne, while prices for Australian imports returned to USD 110 - USD 120 per tonne 
       FOB amid the ongoing glut in available raw materials. The likelihood that the ban will be lifted soon is 
       no longer assessed as high by market players. 
       Russian coking coal market: Prices in the Russian market grew by more than 50% in Q1 2021. This strong 
       rise was driven by the low base effect of former prices. There are no any drivers for price changes for 
       coking coal on the Russian market, which could lead to significant price fluctuations in Russia before 
       the end of 2021. 
       Russian metal scrap market: Scrap prices in the Russian market peaked in early 2021, but then declined 
       due to the introduction of an increased duty on scrap exports from Russia. However, this decline was 
       short-lived, with seasonality and high prices for metal products preventing scrap prices from falling 
       significantly. 

MMK GROUP'S CONSOLIDATED RESULTS

thousand tonnes         Q1 2021 Q4 2020 %   Q1 2021 Q1 2020 % 
 
Crude steel production     3,300  3,312  - 0.4 3,300  3,022  9.2 
Pig iron production       2,572  2,521  2.0  2,572  2,355  9.2 
Coal concentrate production   815   837   - 2.6 815   814   0.2 
Iron ore production       631   638   - 1.0 631   658   - 4.0 
Finished products sales,    2,904  3,045  - 4.6 2,904  2,745  5.8 
including: 
Slabs and billets        53   0    -   53   0    - 
Long products          268   297   - 9.8 268   357   - 24.7 
Flat hot-rolled products    1,428  1,404  1.7  1,428  1,080  32.2 
Premium products, including:  1,154  1,343  - 14.1 1,154  1,308  - 11.8 
Thick plate (Mill 5000)     165   202   - 18.3 165   231   - 28.6 
Flat cold-rolled products    184   226   - 18.4 184   245   - 24.7 
Downstream products, including: 805   916   - 12.1 805   833   - 3.4 
Tinplate             43  38   14.9   43  42   4.1 
Galvanised steel        439   460   - 4.6 439   443   - 1.1 
Polymer-coated steel      150   200   - 24.8 150   140   7.3 
Band              35   42   - 15.2 35   32   11.4 
Formed section         26   36   - 28.0 26   44   - 41.9 
Pipe              12   24   - 48.4 12   13   - 3.3 
Metalware            97   111   - 12.2 97   108   - 9.8 
Other metal products      2    6    - 72.0 2    11   - 84.8 
Share of premium products    39.7%  44.1%     39.7%  47.7% 

CONSOLIDATED PRICES

FOR METAL PRODUCTS

USD/tonne            Q1 2021 Q4 2020 %  Q1 2021 Q1 2020 % 
 
Average price per tonne:    713   575   24.0 713   591   20.6 
Slabs and billets        568   -    -  568   -    - 
Long products          633   493   28.4 633   497   27.4 
Flat hot-rolled products    638   514   24.1 638   520   22.7 
Premium products, including:  832   657   26.6 832   675   23.3 
Thick plate (Mill 5000)     667   593   12.5 667   688   - 3.1 
Flat cold-rolled products    731   573   27.6 731   602   21.4 
Downstream products, including: 889   691   28.7 889   692   28.5 
Tinplate            736   672   9.5 736   773   - 4.8 
Galvanised steel        853   659   29.4 853   651   31.0 
Polymer-coated steel      1,121  852   31.6 1,121  827   35.6 
Band              798   600   33.0 798   663   20.4 
Formed section         863   621   39.0 863   760   13.6 
Pipe              706   538   31.2 706   555   27.2 
Metalware            820   627   30.8 820   659   24.4 
Other metal products      1,100  777   41.6 1,100  692   59.0 
+ 24.0% Q-o-Q 
       Average selling prices for Q1 2021 grew by 24.0% q-o-q in Q1 2021 to USD 713 per tonne, driven by a 
AVERAGE    significant increase in global prices for metal products amid global supply constraints. Prices grew by 
SELLING PRICE 20.6% y-o-y driven by favourable pricing conditions in the global steel markets. 
 

MMK GROUP'S PERFORMANCE

ACROSS CORE SEGMENTS

STEEL SEGMENT RUSSIA

thousand tonnes         Q1 2021 Q4 2020 %   Q1 2021 Q1 2020 % 
 
Crude steel production     3,300  3,312  - 0.4 3,300  3,022  9.2 
Pig iron production       2,572  2,521  2.0  2,572  2,355  9.2 
Finished products sales,    2,853  2,933  - 2.7 2,853  2,597  9.8 
including: 
Slabs and billets        53   0    -   53   0    - 
Long products          268   297   - 9.8 268   357   - 24.7 
Flat hot-rolled products    1,570  1,505  4.3  1,570  1,095  43.3 
Premium products, including:  961   1,131  - 15.0 961   1,145  - 16.1 
Thick plate (Mill 5000)     165   202   - 18.3 165   231   - 28.6 
Flat cold-rolled products    184   226   - 18.4 184   245   - 24.7 
Downstream products, including: 612   703   - 13.0 612   670   - 8.6 
Tinplate            43   38   14.9  43   42   4.1 
Galvanised steel        270   298   - 9.1 270   311   - 13.1 
Polymer-coated steel      126   150   - 16.1 126   109   15.3 
Band              35   42   - 15.2 35   32   11.4 
Formed section         26   36   - 28.0 26   44   - 41.9 
Pipe              12   24   - 48.4 12   13   - 3.3 
Metalware            97   111   - 12.2 97   108   - 9.8 
Other metal products      2    6    - 72.1 2    11   - 85.1 
Share of premium products    33.7%  38.5%     33.7%  44.1% 
- 2.7% Q-o-Q 
sales of 
finished 
products 
 
- 9.8% Q-o-Q 
sales of long 
products 
        Sales of finished steel products in Q1 2021 decreased by 2.7% q-o-q to 2,853 thousand tonnes mainly due 
        to the build-up of metal products inventories ahead of the construction season. The 9.8% y-o-y increase 
        in sales was due to the completion of modernisation of Hot-Rolling Mill 2500. 
+ 4.3% Q-o-Q 
 
sales of 
hot-rolled   Sales of long products in Q1 2021 were down by 9.8% q-o-q to 268 thousand tonnes due to the restocking 
products    ahead of the construction season. Sales declined by 24.7% y-o-y driven by the scheduled repairs to 
        rolling equipment and an increase in inventories ahead of the construction season. 
 
        In Q1 2021, sales of hot-rolled products grew by 4.3% q-o-q to 1,570 thousand tonnes as a result of the 
- 15.0% Q-o-Q growing export sales supported by favourable situation on global markets. The 43.3% y-o-y increase in 
        sales was driven by the production growth at Hot-Rolling Mill 2500 after its modernisation. 
sales of 
premium    Sales of premium products in Q1 2021 decreased by 15.0% to 961 thousand tonnes due to the restocking 
products    ahead of the construction season and an increased share of export sales of thick plates from Mill 5000 
        with longer selling periods. The share of sales of premium products in the portfolio was 33.7%. Sales 
        decreased by 16.1% y-o-y, reflecting the change in order mix for Mill 5000 thick plates and higher 
        intragroup sales of cold-rolled products amid the reconstruction of the reverse Cold-Rolling Mill 1700. 
 
        Mill 5000 sales decreased by 18.3% q-o-q to 165 thousand tonnes due to an increase in the share of 
        export orders with longer selling periods. The 28.6% y-o-y decrease in sales was caused by a change in 
- 18.3% Q-o-Q the order mix. 
sales of Mill Sales of cold-rolled products in Q1 2021 were down by 18.4% q-o-q to 184 thousand tonnes, due to an 
5000 products increase in intragroup sales. The 24.7% y-o-y decrease in sales was due to an increase in intragroup 
        sales and the reconstruction of the reverse Cold-Rolling Mill 1700. 
 
        The increase in tinplate sales in Q1 2021 by 14.9% to 43 thousand tonnes was due to the completion of 
- 18.4% Q-o-Q scheduled equipment repairs. The 4.1% y-o-y increase in tinplate sales reflects higher equipment 
        performance driven by the changes in order mix. 
sales of 
cold-rolled  Sales of galvanised steel in Q1 2021 decreased by 9.1% q-o-q to 270 thousand tonnes, driven by the 
products    build-up of inventories in the distribution network ahead of the construction season. Sales of 
        galvanised steel were down by 13.1% y-o-y. 
+ 14.9% Q-o-Q 
        Sales of coated steel in Q1 2021 decreased by 16.1% q-o-q to 126 thousand tonnes due to pre-season 
sales of    build-up of inventories and a more attractive pricing environment for galvanised steel. Sales were up 
tinplate    15.3% y-o-y, reflecting the low 2020 base amid the spread of the pandemic. 
 
- 9.1% Q-o-Q 
sales of 
galvanised 
steel 
 
- 16.1% Q-o-Q 
SALES OF 
POLYMER-COATED 
STEEL 

STEEL SEGMENT TURKEY

thousand tonnes               Q1 2021 Q4 2020 %   Q1 2021 Q1 2020 % 
 
Finished products sales,           196   220   - 10.9 196   167   17.0 
including: 
Flat hot-rolled products           3    7    - 58.9 3    4    - 31.5 
Premium products, including:         193   213   - 9.3 193   163   18.2 
Flat cold-rolled products          -    -    -   -    -    - 
Downstream products, including:       193   213   - 9.3 193   163   18.2 
Galvanised steel               168   163   3.5  168   132   27.4 
Polymer-coated steel             25   50   - 50.8 25   31   - 20.8 
Share of premium products          98.5%  96.8%     98.5%  97.5% 
Intersegment sales from Steel segment Russia 145   108   34.8  145   19   648.5 
- 10.9% Q-o-Q 
SALES OF   The sales of finished products in the Turkish steel segment in Q1 2021 decreased by 10.9% q-o-q to 196 
FINISHED   thousand tonnes, reflecting the shortage of semi-finished hot-rolled stock amid unscheduled repairs by 
PRODUCTS   key third-party contractors and challenging weather conditions in Russia and in Turkey in the first 
       quarter, which increased the delivery time of sea cargo. 
 
       A 17.0% y-o-y increase in sales reflects a low 2020 base amid the spread of the pandemic and lockdown 
       restrictions. 
 

COAL MINING SEGMENT

thousand tonnes     Q1 2021 Q4 2020 %   Q1 2021 Q1 2020 % 
 
Coking coal mining    1,282  1,246  2.9  1,282  1,238  3.6 
Coking coal processing  1,356  1,404  - 3.4 1,356  1,442  - 5.9 
Mined          1,177  1,208  - 2.6 1,177  1,358  - 13.3 
Purchased        114   159   - 28.2 114   84   35.1 
Toll           65   37   74.7  65   -    - 
Coking coal concentrate 815   837   - 2.6 815   814   0.2 
+ 2.9% Q-o-Q 
COKING COAL 
PRODUCTION 
          Coking coal production in Q1 2021 increased by 2.9% q-o-q to 1,282 thousand tonnes. Coking coal 
          production decreased by 3.6% y-o-y due to the challenging mining and geological conditions at the 
          Chertinskaya-Koksovaya mine. 
- 2.6% Q-o-Q 
          Coking coal concentrate production in Q1 2021 decreased by 2.6% q-o-q due to convention loading 
COKING COAL    restrictions and preparation of faces for re-mounting. The output of coal concentrate remained flat 
CONCENTRATE    year-on-year. 
PRODUCTION 
 
 

MMK GROUP'S

SUSTAINABILITY PERFORMANCE (ESG)

- On 21 January 2021, BSI issued a report confirming the reliability of MMK's statement on its 
         greenhouse gas emissions. This is the first BSI verification among Russian and other CIS companies to 
HIGHLIGHTS    the latest version of ISO 14064-1:2018. 
 
        - In March 2021, the ISS international rating agency changed its ESG Corporate Rating outlook for MMK 
         from "D+" to "C". The rating upgrade reflects the Group's continued strong performance and commitment 
         to UN corporate responsibility and sustainability initiatives. 
 
 
                   Q1 2021 Q4 2020 %   Q1 2021 Q1 2020 % 
 
LTIFR                1.20  0.53  126.4 1.20  1.09  10.1 
Gross air emissions, thousand tonnes 47.5  50.5  - 5.9 47.5  42.8  11.0 
Specific air emissions, kg/tonne   14.4  15.2  - 5.3 14.4  14.2  1.4 
+ 10.1% Y-o-Y 
ltifr     The LTIFR for Q1 2021 increased by 10.1% y-o-y to 1.20, reflecting the increased number of accidents on 
       the back of adverse weather conditions (icy conditions of roads). The Group continues to implement 
       initiatives to address the root causes of accidents and improve the production safety culture. 
 
       Specific air emissions in Q1 2021 increased by 1.4% y-o-y to 14.4 kg per tonne due to an increase in air 
+ 1.4% Y-o-Y emissions from power facilities as a result of the colder winter period of 2021. 
SPECIFIC AIR In Q4 2020, specific air emissions decreased by 5.3% q-o-q to 14.4 kg per tonne driven by the 
EMISSIONS   implementation of measures to decrease dust emissions. 
 
        - The favourable conditions in global markets coupled with seasonal growth in demand in Russia will 
         positively impact the Group's sales in Q2 2021. In May 2021, the reverse Cold-Rolling Mill 1700 is 
         expected to be commissioned, which, given our 100% utilisation of premium products, will positively 
         impact the structure of the Group's sales portfolio. 
 
        - The beginning of the construction season in Russia and positive dynamics of global prices for metal 
OUTLOOK      products amid the continued shortages in foreign markets will support the growth of prices for MMK 
         Group's metal products in Q2 2021. 
 
 
        - CAPEX for Q2 2021 is expected to grow q-o-q, in line with the implementation schedule for projects 

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April 14, 2021 02:57 ET (06:57 GMT)

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