30th Apr 2020 10:29
(Alliance News) - Russian steelmaker Evraz PLC on Thursday reported increased output for the first quarter.
Evraz's first-quarter steel production was 3.2% higher on the fourth quarter of 2019 at 3.6 million tonnes, and the year on year figure climbed 2.0%.
The London-headquartered company said quarterly production was helped by the completion of capital repairs at a converter at the NTMK plant, in Nizhny Tagil, which is in Sverdlovsk Oblast, Russia. Total steel production in Russia improved 3.8% quarter on quarter to 3.1 million, as NTMK production rose 8.5%.
Evraz sold 3.2 million tonnes of steel products in the first quarter, 10% lower than the quarter before, but 2.9% higher than a year before. The miner said the quarter-on-quarter drop can be attributed to good export conditions in Russia in the fourth quarter.
Elsewhere, Evraz's iron ore products production in the first quarter rose 9.7% quarter-on-quarter to 3.6 million tonnes. The figure was down 1.1% year-on-year.
Iron ore product sales were 30% higher in the recent quarter to 355,000 tonnes after logistical limitations on shipments to China in the fourth quarter of last year saw sales delivered in the first quarter of this year instead. Compared to the year before, iron ore sales were down 24%.
Vanadium final product sales fell 9.9% quarterly to 3.2 million tonnes, but rose 26% versus a year before. Evraz said the first-quarter fall was due to lower ferrovanadium demand in Europe.
Evraz shares were down 2.2% on Thursday in London at 271.90 pence.
By Paul McGowan; [email protected]
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