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IMH 9M 2016 operational results

14 November 2016

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 9M 2016

Production, '000 tonnes 9М 2016 9М 2015 Change, %

Coal

1 449

1 565

-7

Coal concentrate

1 956

1 616

21

Coke (6% moisture content)

2 121

2 051

3

Iron ore

3 704

3 694

-

Iron ore concentrate

1 658

1 666

-

Pig iron, total

1 683

1 519

11

Pig iron, basic grades

1 293

1 034

25

Pig iron, premium grades

390

485

-20


Pig iron production at Tulachermet increased by 11% to 1.68 mt. for 9M16, compared to 1.52 mt. in 9M15. Production of basic- and premium-grade pig iron totaled to 1.29 mt. and 0.39 mt. respectively.

Production of 6% moisture content coke at Koks increased 3% to 2.12 mt. from 2.05 mt. in 9M15.

Coking coal concentrate output at Berezovskaya washing plant increased by 21% and totaled to 1.96 mt.

Production of coking coal by the Coal division decreased by 7% to 1.45 mt. compared to 9M15.

Iron ore mining and iron ore concentrate production for the period remained at the same level – 3.7 and 1.66 mt. respectively.

Sergey Frolov, IMH Vice President for Strategy and Communications, commented on Group’s 9M 2016 results:

«For the nine months of 2016 we have increased our total pig iron output by 11% to 1.68 mt. In the 3Q16 IMH pig iron production portfolio influenced by our customers has shifted towards basic grades. That reflected the increase of basic-grade pig iron production by 25%, thus reducing the smelting of premiums. Coke production increased slightly – by 3% to 2.12 mt. I have to point out that during 2016 our coking batteries at Koks are operating at 100% capacity utilization along with the coking time reduced to a minimum.

Iron ore mining and iron ore concentrate production was stable and remained unchanged compared to the same period last year – 3.7 and 1.66 mt. respectively. Reduced production of coking coal accounts for scheduled lava reinstallation at the “Butovskaya” coking coal mine in 2Q16. Lava reinstallation was accomplished ahead of schedule, and IMH Coal division makes every effort to ensure that FY16 production numbers will exceed the FY15 amount.

Despite the decline in coal mining, we have increased the production of coking coal concentrate by 21% to 1.96 mt. compared to 1.62 mt. for 9M15 due to technical re-equipment at Berezovskaya washing plant. In doing so, in November 2015 and August 2016 two jigging machines have been replaced, and in July 2016 two vacuum filters have been reinstalled. The following year IMH will continue to upgrade Berezovskaya in order to ramp its coking coal concentrate production capacity to 4 mtpa.

Prices for IMH’s end-products on the global market are rallying since the beginning of 2016 after a serious drawdown a year earlier. Quotes of metallurgical coke since January 2016 have increased more than three times, and pig iron prices have increased by 60%. This will be reflected in our financial statements for the 2nd half of the year and for the entire 2016 to our investors’ and creditors’ delight. In addition, these price tendencies positively affect liquidity position of Industrial Metallurgical Holding", – noted Sergey Frolov.

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