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Evraz reports fall in steel output, sales but rise in coal, iron production in Q3
StockMarketWire.com
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Mining company Evraz reported a fall in quarterly steel output and an increase in coal and iron ore production in the third quarter of the year.
Crude steel output fell by 4.4% quarter-on-quarter on Q3, mainly due to the planned shutdown of blast furnace no. 5 and the launch of blast furnace no. 6 after the completion of a major overhaul at its plant in Nizhni Tagilm, Russia, the company said.
Total sales of steel products decreased by 9.5% and sales of semi-finished products fell by 24.1% quarter-on-quarter following the increase of sales of finished goods to the Russian market.
Raw coking coal production went up by 14.6% QoQ, and sales climbed by 23.6% QoQ following an improvement in market conditions.
Iron ore producton rose 1.4%, and sales grew by 9.0% QoQ amid higher shipments to export markets in Q3 2020, the company said.
Vanadium products sales, meanwhile, rose by 13.4% QoQ, mainly due 'to increased steel utilisation rates and a slight recovery of the automotive industry,' it added.
At 8:31am: (LON:EVR) Evraz PLC share price was -3.5p at 356.4p
Story provided by StockMarketWire.com
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