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IMH 1Q 2018 operational results

25 April 2018

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

Key operational indicators:

Production, ‘000 tonnes

1Q

2018

4Q

2017

Change, %

Q/Q

 

1Q

2018

1Q

2017

Change, %

Y/Y

Coal

798

656

22

798

542

47

Coal concentrate

624

600

4

624

644

(3)

Coke (6% moisture content)

648

677

(4)

648

668

(3)

Iron ore

1 193

1 312

(9)

1 193

1 287

(7)

Iron ore concentrate

534

577

(8)

534

561

(5)

Pig iron

602

614

(2)

602

573

5


1Q 2018 key indicators compared to 4Q 2017:

The total number of days and, consequently, production days in Q1 2018 was 2 days less than in Q4 2017. This led to statistical reduction in the output of some products, despite maintaining high level of capacity utilization.

In 1Q 2018 coking coal production by Coal division increased by 22% and totaled to 798 Kt. The increase in production is due to gradual ramp-up by Tikhova mine and second phase of Butovskaya mine, launched in May 2017.

Coking coal concentrate production at Berezovskaya washing plant increased by 4% Q/Q and totaled to 624 Kt due to improved quality indicators of the processed coal, including captive coal.

In 1Q 2018 Koks produced 648 Kt of coke (6 % moisture content), that is 4% less to compare with 4Q 2017.

Iron ore production at Kombinat KMAruda during the reporting period totaled to 1.19 Mt (-9% Q/Q). Iron ore concentrate production in the first quarter of 2018 reduced by 8% and totaled to 534 Kt. Reduction in the iron ore mining and concentrate production was caused by maintenance works.

Pig iron production at Tulachermet decreased by 12 Kt Q/Q and amounted to 602 Kt.


1Q 2018 key indicators compared to 1Q 2017:

In 1Q 2018 coking coal production by Coal division grew by 47% to compare with 1Q 2017. The increase in production was due to the launch of the new coal mining facilities in May 2017 (the Tikhova mine and the second stage of Butovskaya mine).

Coking coal concentrate production at Berezovskaya washing plant decreased by 3% Y/Y due to reduction of raw coal supplies and processing which was caused by less effective work of the railway transport during this winter time.

In the first quarter of 2018 coke output reduced just by 20 Kt compared to 1Q 2017.

Iron ore mining and iron ore concentrate production at Kombinat KMAruda was reduced by 7% and 5% respectively y-o-y on the back of slightly longer equipment maintenance works during the reporting period.

Pig iron production at Tulachermet in 1Q 2018 increased by 5% to compare with 1Q 2017. The increase was driven by growth in productivity of the blast furnace No. 3 after its thorough maintenance carried out in the second half of 2017.


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

«In the first quarter, the Company achieved positive results in the main production areas. In May 2017, we put into operation two modern coal mining facilities, equipped according to the Industry 4.0 modern concept: the first stage of Tikhova mine and the second stage of Butovskaya mine. Our new coal mining facilities are gradually ramped, thus reducing IMH’s production costs connected with coal supplies from third-parties and improving the Group's cash flow. In the reporting period, production increased by 22% compared to 4Q and almost by 50% compared to the same period of the previous year.

We also note growth of output of pig iron which is our main commercial product. As a result of the blast furnace No. 3 maintenance and improved quality of the furnace charge, we increased pig iron production by 5% to compare with the same period of 2017. This result is especially important on the back of pig iron prices growth for exports, which is our key sales destination».





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