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IMH 9M 2015 operational results

23 December 2015

Industrial Metallurgical Holding (IMH), the world's largest exporter of merchant pig iron and the leading producer of merchant coke in Russia, reports its operational results for 9 months of 2015.

Production, '000 tonnes

9M2015

9M2014

9М15/9М14,
%

Coal production

1 565

1 373

+14

Coal concentrate

1 616

1 804

(10)

Coke (6% moisture content)

2 051

1 889

+9

Iron ore production

3 694

3 611

+2

Iron ore concentrate

1 666

1 612

+3

Pig iron, total

1 519

1 635

(7)

Pig iron, basic

1 034

1 172

(12)

Pig iron, premium grades

485

463

+5

During 9M15 Butovskaya mine increased its production of coal by 27% compared to the same period in 2014. Production of coal at Uchastok Koksovy open pit remained at the same level. Total production of coal in IMH Group increased by 14% from 1.37 million to 1.57 million tonnes.

OAO Koks continued to build up its output due to increased export shipments. The production of 6% moisture content coke in 9M15 increased by 9% compared to the same period last year – from 1.89 million to 2.05 million tonnes. Decline of Ukraine’s production of coke, where there was a deficit of domestic production and increase of demand, stimulated Group’s export sales.

OAO Kombinat KMAruda for the first three quarters of 2015 increased the production of iron ore concentrate compared to the same period of 2014 by 3% - from 1.61 million to 1.67 million tons. Iron ore production increased by 2%. Kombinat KMAruda consistently operates within the production plan, gradually increasing its operating performance.

PAO Tulachermet increased its production of premium grades pig iron by 5% to 0.49 million tonnes in 9M15. According to company’s development strategy, aimed at the production of high-margined products, it will continue increasing the output of premium grades pig iron in the future. Gross pig iron production decrease in 9M15 was due to the scheduled maintenance of blast furnace №3 in July 2015.

Sergey Frolov, Vice-President for Strategy and Communications of IMH commented on 9M15 results:

“A key focus of our work in the first 9 months of 2015 was the continuation of costs reduction program and production efficiency improvement. The company is proactive in moving towards production of highly profitable products and more efficient use of investments.

Therefore, our investment program for 2015 in the financial part has been almost halved down - from 9 to 4.5 billion rubles. Although all the work for key investment projects will be implemented to their full extent. This is due to our new approach towards IMH investment portfolio management, which is based on management centralization and analysis of all equipment purchased for the estimated cost. This, in turn, is the basis for a radical revision of our relations with suppliers and contractors in the means of reducing the cost of contracts for work and equipment.

Second stage of the Butovskaya mine construction is under way, Tikhova mine construction and Gubkin mine lower horizon at the KMAruda commissioning projects are being implemented. The desulphurization station at Tulachermet is at the stage of commissioning. It will significantly increase premium grades pig iron production while reducing costs. Modernization of the power facilities at Tulachermet is also going along schedule.

Despite the difficult situation on the global markets of metallurgical raw materials and pig iron, the demand for IMH products remain stable. Capacity utilization in the 3rd quarter of 2015 remained close to 100%. We look forward to market recovery at the beginning of 2016 and based on the results achieved with operational efficiency increase, we are optimistic about the prospects of the company in 2016”.

***

About the company:

Industrial Metallurgical Holding (IMH) – is a vertically integrated business. It includes production of pig iron, coke and coking coal, extraction and procession of iron ore, foundry casting and powder metallurgy. IMH is the largest global exporter of merchant pig iron and the biggest Russian coke producer. The Group’s main operational business units are Coal division, Coke division, Iron Ore and Pig Iron division and Powder Metallurgy division. The Group’s key production facilities are located in Kemerovo, Belgorod, Tula and Kaluga regions of Russian Federation.

***

For more information, please contact:
Maxim Lobada
Head of IR department
Tel.: +7 (495) 725-56-80 (#406)
E-mail: lobada@metholding.com
2nd Verkhniy Mikhailovskiy proezd 9, Moscow, 115419, Russia

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