30th Jul 2020 11:12
(Alliance News) - Evraz PLC on Thursday posted a decline in production in the second quarter of 2020 as it warned on uncertainty during the third quarter.
The FTSE 100 miner and steel manufacturer said for the second quarter, crude steel output fell 5.1% quarter-on-quarter while steel products sales increased 4.9%, with sales of semi-finished products rising 20% following a change in its product mix.
Sales of vanadium products fell 23% quarter-on-quarter, while external coking coal products sales dropped 15% and external iron sales jumped 26%.
The drop in crude steel output was attributed to capital repairs and a gas pause at EVRAZ ZSMK in June.
Looking ahead, Evraz said: "In Q3 2020, significant uncertainty remains around production and sales volumes for all product groups due to continued turmoil in the oil & gas markets and the slow economic recovery during the resurgent Covid-19 pandemic."
The stock was trading 3.7% lower at 288.58 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Evraz