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EVRAZ Q4 2020 Trading Update

EVRAZ plc (LSE: EVR; “EVRAZ” or the “Group”) today released its trading update for the fourth quarter and full year 2020.

Q4 2020 vs Q3 2020 HIGHLIGHTS

  • In Q4 2020, EVRAZ’ consolidated crude steel output rose by 7.4% QoQ, mainly due to higher production volumes at EVRAZ NTMK following the completion of scheduled capital repairs during Q3 2020, as well as improved production volumes at EVRAZ North America, which grew by 26.6% QoQ.
  • Total sales of steel products increased by 12.0% QoQ, driven primarily by sales of semi-finished products, which grew by 30.4%. This, in turn, was mainly the result of a recovery in export markets and weaker demand for finished construction products in Russia due to seasonal factors.
  • Total raw coking coal production rose by 26.1% QoQ, driven by the relaunch of production at the Razrez Raspadsky open pit as well as better production volumes at the Raspadskaya mine.
  • Coking coal concentrate production grew by 5.6% QoQ, mainly due to increased coal mining volumes.
  • External sales volumes of coking coal products fell by 19.2% QoQ, due to a deficit of GZh grade coal amid longwall move at the Uskovskaya mine as well as elevated levels of Q2-Q3 2020 sales amid utilisation of stockpiles.
  • External sales of iron ore products decreased by 8.4% QoQ, amid higher consumption of pellets by EVRAZ NTMK following the successful launch of blast furnace no. 6 in Q3 2020.
  • Sales of vanadium products rose by 51.4% QoQ, mainly due to higher steel utilisation rates, following increased FeV demand also from the automotive industry as well as some increase of oxide and FeV sales to China during Q4 2020.

FY2020 vs FY2019 HIGHLIGHTS

  • In 2020, EVRAZ’ consolidated crude steel production remained almost flat YoY (-1.3%), despite challenges created by the COVID-19 pandemic. In addition, turbulence in the oil and gas markets led to lower demand, resulting in decrease of production volumes at EVRAZ North America.
  • Sales volumes of semi-finished products increased by 6.1% YoY, primarily due to a change in the product mix in favour of higher slab and billets sales to export destinations following a decrease in demand in Russia during the COVID-19 pandemic.
  • Sales of finished products declined by 10.1%, mainly attributable to the sale of Palini e Bertoli in 2019, as well as lower tubular and flat-rolled products sales at EVRAZ North America, amid unfavourable market conditions caused by the COVID-19 pandemic.
  • Production of raw coking coal fell by 21.0% YoY, due to a halt in mining at the Razrez Raspadsky open pit from May to September 2020, the idling of the Mezhegeyugol mine from March 2020 and lower production volumes at the Raspadskaya mine due to challenging geological conditions.
  • External iron ore product sales rose by 52.7% YoY, primarily as a result of higher shipments to external markets amid lower consumption of pellets by EVRAZ NTMK during a major overhaul of blast furnace no.6, which was successfully launched in Q3 2020.
  • Sales of final vanadium products declined by 2.2% YoY, mainly due to reduced global FeV demand, following the imposition of COVID-19 restrictions (which were partially compensated by changing the regional sales and product mix to serve the more active Chinese oxide market during 2020).
Product, ‘000 tonnes Q4 2020 Q3 2020 Q4 2020/ Q3 2020, change 12m 2020 12m 2019 12m 2020/ 12m 2019, change
Total crude steel production 3,467 3,227 7.4% 13,630 13,814 -1.3%
Russia 3,044 2,893 5.2% 12,050 11,953 0.8%
North America 423 334 26.6% 1,580 1,861 -15.1%
Total raw coking coal mined 6,021 4,775 26.1% 20,653 26,140 -21.0%
Total coking coal concentrate production 4,088 3,873 5.6% 15,528 15,922 -2.5%
Iron ore products production 3,642 3,508 3.8% 14,205 13,765 3.2%
Total sales of steel products 3,410 3,046 12.0% 13,062 13,479 -3.1%
Semi-finished products 1,707 1,309 30.4% 6,183 5,828 6.1%
Finished products 1,703 1,737 -1.9% 6,879 7,651 -10.1%
Total sales of third-party steel products 209 267 -21.7% 848 801 5.9%
Sales of coking coal products 2,797 3,460 -19.2% 12,336 11,053 11.6%
Sales of iron ore products 445 486 -8.4% 1,732 1,134 52.7%
Sales of vanadium in slag 1,763 1,605 9.8% 6,129 6,451 -5.0%
Sales of vanadium final products 1 4,207 2,779 51.4% 12,604 12,883 -2.2%

Note. Numbers in this table and the tables below may not add up to totals due to rounding.

1 In tonnes of pure vanadium.

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