(Alliance News) - Russian steel maker Evraz PLC on Thursday posted a fall in steel production in the third quarter of 2020, major overhaul at the Evraz NTMK plant in Russia, leading to the shutdown of one of its blast furnaces.
For the three months to the end of September, crude steel production fell by 4.4% quarter-on-quarter to 3.23 million tonnes from 3.38 million tonnes. On a nine-month basis, output declined by 1.9% year-on-year to 10.16 million tonnes from 10.36 million tonnes.
Total sales of steel products dropped by 9.5% to 3.06 million tonnes from 3.38 million tonnes the prior quarter.
Raw coking coal output was more positive, increasing by 15% to 4.78 million tonnes from 4.17 million tonnes, as a result of the completion longwall moves at the Alardinskaya and Esaulskaya mines in the second quarter.
This, alongside improving market conditions led to a 24% rise in sales to 3.46 million tonnes from 2.80 million tonnes.
Sales in vanadium products also rose by 13% to 2.78 million tonnes from 2.45 million tonnes the quarter before, as a result of increased steel utilisation rates and a small recovery in the automotive industry.
Looking ahead, Evraz expects a rise in raw coal production in the fourth quarter, following the elimination of mining and geological violations at the Raspadskaya and Raspadskaya-Koksovaya mines.
Shares in Evraz were down 0.2% at 359.30 pence on Thursday in New York.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Evraz (EVR)