EVRAZ Provides Q3 2014 Production Report
10/16/2014 - EVRAZ plc released its operational results for the third quarter of 2014 and its interim management statement.
Q3 2014 vs. Q2 2014 Highlights and Recent Developments:
For the full results including company commentary by product segment, click here.
- Consolidated crude steel production decreased slightly in Q3 2014 vs. Q2 2014 mostly due to maintenance works at the EVRAZ ZSMK mill in Russia
- Share of finished steel products within consolidated volumes was 69% in Q3 2014 vs. 70% in Q2 2014
- Consolidated production of steel products decreased by 4% mostly due to a decrease in production of railway products driven by lower orders for railway products from customers in Russia and the CIS and annual maintenance works at the EVRAZ Pueblo rail mill in North America
- Output of iron ore products in Russia decreased by 3% vs. Q2 2014 due to maintenance works at the sintering facilities
- Consolidated raw coking coal output and production of coking coal concentrate increased by 6% and 4% respectively due to stable performance by Yuzhkuzbassugol
- Average prices for EVRAZ’s construction products in Russia remained seasonally strong
- Average prices for flat-rolled and tubular products in North America were supported by growing demand from the oil and gas sector
- Average prices for Russian-produced iron ore products and coking coal concentrate were in line with the global benchmarks
- In Q3 2014, preliminary capital expenditure totaled US$175 million, including US$57 million on development projects. The company is on track to meet its commitment to achieve capital expenditure of less than US$900 million per annum for 2014 and beyond
- · In Q3 2014, the Group drew down a US$425 million pre-export credit facility signed with a syndicate of international banks in August, with the proceeds being put towards the redemption of the company’s RUB 20 billion bonds in October 2014
For the full results including company commentary by product segment, click here.
