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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  PAO Severstal    SVST

PAO SEVERSTAL

(SVST)
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Delayed Quote. Delayed London Stock Exchange - 11/22 11:35:32 am
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Severstal : reports Q3 2019 operational results

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10/11/2019 | 02:05am EST

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, thousands of tonnes

Q3 2019

Q2 2019

Change, %

9M 2019

9M 2018

Change, %

Crude Steel (Russian Steel)

3,032

3,057

(1%)

9,133

9,098

0%

Hot metal (Russian Steel)

2,458

2,304

7%

7,125

6,913

3%

 

 

Sales volumes, thousands of tonnes

Q3 2019

Q2 2019

Change, %

9M 2019

9M 2018

Change, %

Coking coal concentrate

1,351

958

41%

3,340

2,331

43%

Iron ore pellets

2,461

2,899

(15%)

8,192

8,054

2%

Iron ore concentrate

1,931

1,428

35%

4,660

4,080

14%

Total steel products (Consolidated)

2,834

2,837

0%

8,503

8,420

1%

Total steel products (Russian Steel)

2,847

2,848

0%

8,538

8,453

1%

 

 

 

 

 

 

 

High value added steel products, %

Q3 2019

Q2 2019

Change, %

9M 2019

9M 2018

Change, %

Severstal (Consolidated)

45%

46%

(1 ppts)

45%

46%

(1 ppts)

Severstal Russian Steel

45%

46%

(1 ppts)

45%

46%

(1 ppts)

 

 

 

SEVERSTAL'S CONSOLIDATED SALES (NET OF INTERCOMPANY SALES)

 

Sales volumes, thousands of tonnes

Q3 2019

Q2 2019

Change, %

9M 2019

9M 2018

Change, %

Coal:

330

388

(15%)

1,250

1,127

11%

Coking coal concentrate

66

108

(39%)

331

190

74%

Steam coal

264

280

(6%)

919

937

(2%)

Iron ore:

1,443

1,686

(14%)

4,785

5,277

(9%)

Iron ore pellets

1,380

1,488

(7%)

4,170

4,707

(11%)

Iron ore concentrate

63

198

(68%)

615

570

8%

Semi-finished products

89

69

29%

279

538

(48%)

Rolled products:

2,292

2,313

(1%)

6,916

6,533

6%

Hot - rolled coil

1,168

1,040

12%

3,310

2,878

15%

Hot - rolled plate

244

225

8%

702

642

9%

Cold - rolled coil

226

242

(7%)

743

990

(25%)

Galvanised and metallic coated coil

238

254

(6%)

729

627

16%

Colour coated coil

122

141

(13%)

365

294

24%

Long products

294

411

(28%)

1,067

1,102

(3%)

Downstream products:

453

455

0%

1,308

1,349

(3%)

Metalware products

147

140

5%

413

424

(3%)

Large diameter pipes

100

106

(6%)

303

333

(9%)

Other tubes, pipes, formed shapes

206

209

(1%)

592

592

0%

 

 

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 volumes, thousands tonnes

Q3 2019

Q2 2019

Change, %

9M 2019

9M 2018

Change, %

Coal:

1,616

1,238

31%

4,260

3,269

30%

Coking coal concentrate

1,351

958

41%

3,340

2,331

43%

Steam coal

265

280

(5%)

920

938

(2%)

Iron ore:

4,392

4,327

2%

12,852

12,134

6%

Iron ore pellets

2,461

2,899

(15%)

8,192

8,054

2%

Iron ore concentrate

1,931

1,428

35%

4,660

4,080

14%

 

 

 

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, thousands of tonnes

Q3 2019

Q2 2019

Change, %

9M 2019

9M 2018

Change, %

Total steel products

2,847

2,848

0%

8,538

8,453

1%

Semi-finished products

89

69

29%

279

538

(48%)

Rolled products:

2,305

2,322

(1%)

6,949

6,565

6%

Hot - rolled coil

1,169

1,040

12%

3,311

2,879

15%

Hot - rolled plate

245

225

9%

703

642

10%

Cold - rolled coil

226

242

(7%)

743

990

(25%)

Galvanised and metallic coated coil

238

254

(6%)

729

627

16%

Colour coated coil

122

141

(13%)

365

294

24%

Long products

305

420

(27%)

1,098

1,133

(3%)

Downstream products:

453

457

(1%)

1,310

1,350

(3%)

Metalware products

148

142

4%

416

425

(2%)

Large diameter pipes

100

106

(6%)

303

333

(9%)

Other tubes, pipes, formed shapes

205

209

(2%)

591

592

0%

 

 

Sales price, $/tonne

Q3 2019

Q2 2019

Change, %

9M 2019

9M 2018

Change, %

Semi-finished products

414

450

(8%)

427

468

(9%)

Hot - rolled coil

510

514

(1%)

506

562

(10%)

Hot-rolled plate

683

659

4%

660

716

(8%)

Cold - rolled coil

647

629

3%

621

627

(1%)

Galvanised and metallic coated coil

733

729

1%

724

761

(5%)

Colour coated coil

905

918

(1%)

894

943

(5%)

Long products

498

484

3%

476

494

(4%)

Metalware products

965

981

(2%)

965

970

(1%)

Large diameter pipes

945

1,033

(9%)

996

1,116

(11%)

Other tubes, pipes, formed shapes

580

585

(1%)

578

611

(5%)

 

 

 

 

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

 

 

 



ISIN: US8181503025
Category Code: TST
TIDM: SVST
LEI Code: 213800OKDPTV6K4ONO53
Sequence No.: 23109
EQS News ID: 888559

 
End of Announcement EQS News Service

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© EQS 2019
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EBIT 2019 2 377 M
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Yield 2019 13,4%
P/E ratio 2019 6,54x
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