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IMH 1H 2018 operational results

18 July 2018

Industrial Metallurgical Holding (IMH), one the world’s leading supplier of merchant pig iron and the leading merchant coke producer in Russia, announces its 1H 2018 operational results.

Key operational indicators:

Production, '000 tonnes

1H 2018

1H 2017

Change, %

Y/Y

Coal

 1 379

1 147

20

Coal concentrate

 1 202 

1 259

(4)

Coke (6% moisture content)

1 219

1 338

(9)

Iron ore

2 476

2 581

(4)

Iron ore concentrate

1 101

1 130

(3)

Pig iron

1 201

1 163

3

1H 2018 key indicators compared to 1H 2017:

In 1H 2018 coking coal production by Coal division totaled to 1379 Kt, that is 20% higher compared to the same period of 2017. Growth was due to gradual ramp-up of the second stage of Butovskaya mine and Tikhova mines.

Pig iron production at Tulachermet increased by 38 Kt, that is 3% higher compared to 1H 2017. Increase in volumes is achieved due to successful modernization of blast furnace No.3 in 2017 and improvement in quality of raw materials coming from the Group’s mining and processing assets.

Coking coal concentrate production at Berezovskaya washing plant amounted to 1202 Kt, that is 4% less than in 1H 2017. The temporary decrease is due to processing of new grades of coal supplied by Tikhova mine. Plant modernization, scheduled for the second half of 2018, will increase its productivity.

6 % moisture content coke production totaled to 1219 Kt, that is 9% less compared to the same period of last year.

Iron ore production during the reported period amounted to 2476 Kt, reducing by 4% to compare with 1H 2017. Iron ore concentrate production reduced by 3% and totaled to 1101 Kt.    

Sergey Frolov, Vice President for Strategy and Communications of the Industrial Metallurgical Holding, commented on the 1H 2018 results:

“The Company consistently achieves its strategic targets: increases its self-sufficiency in coking coal and strengthens positions in the merchant pig iron market. Starting from 2019 growth of iron ore self-sufficiency ratio will begin.

The increase in merchant pig iron production at Tulachermet occurs simultaneously with demand growth for this product. This should positively impact the company’s cash flow.

During the last 6 months of 2018 we managed to solve a number of technical problems at Butovskaya mine, thereby quality of our coal increased. Tikhova mine is on track reaching full production capacity in accordance with the design project approved. Production level at Uchastok Koksoviy open pit corresponds to its production plan, which provides supplies in the amount of 1 million tons of coal per year.

Berezovskaya washing plant is being modernized, which will result in 5% growth of concentrate production capacity and significant improvement in production efficiency.

Kombinat KMAruda successfully implements its development project providing construction of the second mining stage to ramp up capacity of iron ore production from current 4.8 to 7 million tons. With the use of new capacities, growth of iron ore production will start as early as 2019.

Our plants continue to improve production efficiency. At this moment about 70 activities are being implemented with positive economic effect to be achieved by the year end. We continue to earn significant economic return from our Total Optimization Program, a program aimed to encourage employees’ work-improvement initiatives. By the end of the first half of the year, total annual savings since the launch of this program exceeded 1.3 billion rubles.

IT infrastructure of our enterprises also continues to improve. In particular, Butovskaya mine has introduced an advanced and unique system in Russia for accurate positioning of personnel and transport. Due to its use, production safety and efficiency has been increased significantly. Another example of transition to Industry 4.0 principles is introduction of a large-scale consolidated system of procurement and inventory management at the Group's plants. The system, which took only three months to develop, saves significant funds due to the competent distribution of materials and resources.

There is growing demand in our key export markets of merchant pig iron and coke. At the same time our strive to improve production efficiency and to eliminate bottlenecks associated with the logistics of final goods allows us to plan the final result of 12 months approximately at the same level as in the record-high 2017".


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