Evraz Q4 output rises as Russia production increases
Evraz
80.89p
17:30 11/04/24
Evraz's steel output rose 7.4% in the fourth quarter as its Russian plant increased activity after repairs and volumes improved in North America.
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Total steel production rose to 3.467m tonnes in the three months to the end of December from 3.227m tonnes in the third quarter. Sales of steel products rose 12% to 3.41m tonnes from the quarter before as sales of semi-finished products jumped 30.4%.
Annual production fell 1.3% to 13.63m tonnes in a year disrupted by Covid-19 and reduced demand in the oil and gas industry, the FTSE 100 company said in a trading update.
The increase in fourth-quarter output was mainly at the company's giant NTMK plant in west-central Russia, which increased production after scheduled capital repairs in the third quarter.
Production rose 5.2% to 3.044m tonnes in Russia in the fourth quarter compared with a 0.8% rise for the full year. In North America production increased 26.6% to 423,000 tonnes in the fourth quarter and fell 15.1% during the year.
Evraz said: "In Q4 2020, crude steel production was 26.6% higher [quarter on quarter], following increased demand for flat-rolled and construction products driven by a market recovery. In FY2020, crude steel production was down 15.1% [year on year], mainly due to market turbulence amid the Covid-19 pandemic and energy market uncertainty, which led to falling demand and lower production volumes."