29th Apr 2019 08:31
LONDON (Alliance News) - Russian steel firm Evraz PLC on Monday reported strong growth in production, with sales also rising.
Evraz produced 3.5 million tonnes of crude steel during the first quarter of 2019, 12% higher than the prior quarter and 4.1% higher on the same period a year before.
Steel product sales rose 8.4% on the previous quarter to 3.2 million tonnes, and increased 3.9% on the year before.
Evraz said the increase in steel output came mainly from higher pig iron production after repairs to a furnace during the fourth quarter of 2018.
Evraz mined 6.8 million tonnes of raw coking coal, 0.1% down quarter-on-quarter, but up 15% on a year before.
Coking coal concentrate production fell 13% on the quarter to 3.7 million tonnes and declined 11% on the year, while iron ore product output rose 8.0% on the quarter before to 3.6 million tonnes and by 6.0% year-on-year.
Vanadium final product sales fell 5.3% on the quarter to 2.5 million tonnes, and 19% year-on-year, mainly due to a sharp fall in demand.
Shares were down 0.5% in early trade in London on Monday at 637.00 pence each.
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