31st Jan 2019 09:18
LONDON (Alliance News) - Russian steelmaker Evraz PLC on Thursday reported a drop in annual steel production, mainly due to an asset sale in the Ukraine.
Evraz's total crude steel output in 2018 was 13.0 million tonnes, down 7.3% year-on-year, with Ukrainian production falling 83%.
In March, FTSE 100 Evraz said it had sold its holding in Evraz DMZ for USD106 million. Evraz DMZ, based in Dnepr, Ukraine, was an integrated steel mill which generated USD586 million on revenue in 2017.
Other issues to hit steel output in 2018 were repairs to a blast furnace carried out from August to December, a "technical incident" at another blast furnace in August, though the launch of a new furnace in March helped offset this.
For the last quarter of 2018, Evraz's steel production was flat on the third quarter at 3.1 million tonnes.
Iron ore production fell 2.6% in 2018 to 13.5 million tonnes, though quarterly production rose 2.2% on the quarter to 3.4 million tonnes.
Coaking coal mined rose 3.8% for 2018 to 24.2 million tonnes, and in the quarter increased 15% to 6.9 million tonnes on the quarter.
Evraz shares were 0.9% higher on Thursday morning at a price of 491.30 pence each. The company is due to release its financial results for 2018 on February 28.
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