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29 Apr 2019 | 08:27

Evraz steel output rises in Q1 led by higher pig iron production

Evraz said first-quarter consolidated crude-steel output rose 12.4% compared with the fourth quarter of 2018, led by higher pig iron production.

For the three months to 31 March, the company produced 3.5m tonnes of crude steel, up from 3.1m tonnes in the last three months of 2018.

The uptick in production was led by higher production of pig iron, after one of Evraz ZSMK's blast furnaces was repaired in the fourth quarter of 2018. Compared with the first quarter of 2018, consolidated crude-steel output rose 4.1%.

Sales of semi-finished steel products rose 29% quarter-on-quarter, but sales of finished steel products declined 2.7%, which was blamed on lower sales of construction products in Russia and tubular and railway products in North America.

Production of raw coking coal was flat quarter-on-quarter at 6.8m tonnes, but was up 14.7% compared with a year earlier.

Sales of vanadium products fell 5.3% to 2.5m tonnes, from the fourth quarter of 2018, amid a fall in demand from the automotive industry and high stock levels at steel makers, the company said.

At 8:27am: (LON:EVR) Evraz Plc share price was -2.1p at 637.9p

Story provided by StockMarketWire.com
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