NLMK Group (LSE: NLMK, MOEX: NLMK), a vertically integrated metals company, today released its preliminary 1Q 2019 operating results.
Key highlights 1 sq. 2019:
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Steel production decreased by 4% qoq to 4.2 mt due to repairs at the Group's Russian sites and seasonal factors. The decline in production by 3% YoY was also due to repairs carried out in Q1. 2019
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Steel capacity utilization remained high at 96% (-2 pp qoq).
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Sales volume remained virtually unchanged qoq and amounted to 4.6 mt (-1% qoq) amid sales of stocks accumulated at the end of 2018. The Group's sales rose 11% YoY on a low base, driven by an increase in slab sales to own rolling assets at the beginning of last year.
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Sales volumes in home markets increased up 5% QoQ (unchanged YoY) to 2.6 million tonnes on the back of growing sales of slabs on the Russian market. The Group's share of sales in home markets increased to 56% (+1 pp qoq, -7 pp yoy).
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Export sales amounted to 2.0 million tonnes (-2% qoq; + 32% yoy). The decline in exports qoq occurred amid falling sales of pig iron. YoY growth in export sales is mainly due to increased sales of slabs to third parties.
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